USA - Butter prices continue to surge

Domestic prices for butter in the US continue to surge ahead of the global market. US butter prices grew by more than 8% throughout the month of June to almost $5,200/t. Compared with this time last year, prices are almost 25% higher, as a result of surging domestic demand.

UK - V alue of beef market falling

The value of the UK’s prime cattle market fell by £15m in the course of a single year, according to the AHDB. The fall in value is attributed to a 30p/kg drop in the base beef price paid by processors. The AHDB estimates £145m was paid for cattle in February 2016, compared with £160m a year previous.

Brazil - Share of meat exports expected to rise

The latest agricultural outlook report by the OECD and UN projects that global meat production will increase 16% up to 2025 due to greater demand for protein from a growing global middle class. However, although developed countries are still expected to account for over 50% of the global export trade, Brazil’s share of global exports is expected to increase to over 25%.

Morocco - 2016 wheat crop projections lowered

The USDA has revised downwards its projections for Morocco’s wheat and barley harvest this season by a combined 66% compared with last year after severe drought hit the country throughout the growing season. Wheat and barley production is now forecast at 2.8m and 0.9m tonnes respectively.