GDP growth in the UK has slowed to 1.5%, as consumer spending continues to be squeezed by rising prices. House price inflation has also fallen to 2%. Davy expects 1.5% GDP growth in 2017, slowing to 1.2% in 2018 as Brexit uncertainties continue to provide a drag on employment and investment.

Brazilian beef exports for November surpassed 116,000t, which is an increase of more than 50% year on year, or more than 40,000t. This strong export growth in November brings cumulative Brazilian beef exports for the first 11 months of 2017 to 1.1m tonnes.

US beef exports for the first nine months of 2017 to the end of September stood at 943,000t, which is almost 15% ahead of the same period last year. Japan is the main export market for US beef, taking almost 290,000t of product in the nine-month period. Mexico is the second-largest export market taking 140,000t.

New Zealand farmers are battling drought conditions at the minute, as rainfall has rapidly dried up across both islands, hitting grass growth. Despite this risk to milk supplies, Fonterra is expected to lower its forecast milk price this week due to weak dairy markets.