The latest USDA prospective plantings report estimates the area planted under soya bean this year will increase by 7% from last year, triggered by poor prices for wheat and corn. Soya bean futures dropped $10/t in two days after the release.

In the last three years, EU beef export volumes have grown 15% annually, with Poland being the largest exporter to the global market. In 2016, the country’s beef shipments amounted to 51,000t, accounting for almost a quarter of the EU total.

Sugar prices in Brazil continue to be under pressure, hitting an 11-month low in recent weeks. It is believed that the Brazilian sugar market is over-supplied and prices are being driven down by increased selling flexibility from the mills as a result.

It is forecast that China, which had been previously self-sufficient in beef, will now be demanding imports of at least 1.2m tonnes by 2020. Rising incomes and urbanisation in the country in recent years has led to increasing consumer demand of 1% to 2% per annum for beef.