The French economy expanded for a fifth straight quarter, delivering its best full-year since 2011, as the election of President Emmanuel Macron, combined with a global upturn, bolstered confidence and investment. GDP growth was 1.9% for the full year.

Feed production in Russia grew 19% to 37.6m tonnes in 2017, according to Alltech’s global feed survey. Global feed production grew 2.6% to reach 1.07bn tonnes in 2017. The feed industry, which is valued at $430bn, has seen a 13% growth over the past five years.

The central and southern plains in the US are poised for further dry weather, which has left soil short of moisture, depressing winter wheat ratings in the top growing area to the lowest in at least a decade. The USDA downgraded its outlook, which helped lift futures 7% in a week.

Since October, New Zealand has produced 17% more sheepmeat at 132,275t than the same period last year. Slaughterings during the first three months of the production year have totalled 6.5 million head, 15% more than the same period last year.