The 2018 World Cup in Russia is behind a significant spike in demand across meat and dairy markets. Pizza consumption spikes during the month-long tournament. Mozzarella cheese prices have soared by 40% this year to €3,450/t as a result of expected consumption.

Australian beef exports for May increased 15% year on year to reach just under 110,000t, with Japan, USA, China and Korea the main export markets. This brings cumulative Australian beef exports for the first five months of 2018 to more than 435,000t, which is 15% ahead of last year.

Beef farmers in Argentina sent just over 1.1m head of cattle for slaughter in May, according to Argentine authorities. This brings the cattle kill in Argentina for the first five months of 2018 (Jan to May) to 5.35m head, which is 7% ahead of last year.

The USDA has lowered its forecast for year-ending stocks of corn to 40m tonnes as a result of strong export demand, higher use in animal feed and increased ethanol production. US corn exports are on course to reach 58.5m tonnes, which would be the highest since 2007/08.