The AHDB has revised downwards its forecast for UK wheat production this season to 13.9m tonnes. This would be almost 1m tonnes lower than wheat production in 2017. The downgrade is a result of the recent dry weather which is negatively impacting yields.

Australian beef production for its 2018/19 season (Jul-Jun) is forecast to increase 2.5% to 2.3m tonnes. This increase in production will be destined for export markets, with Australian beef exports forecast to rise 3% to 1.1m tonnes in 2018/19.

High temperatures in key growing regions of the US are hitting crops hard. The USDA this week rated 72% of the US maize (corn) crop as being in good or excellent condition. This is down from 75% last week. Similarly, soya bean ratings were downgraded from 71% to 69% as being good or excellent.

Beef exports from the Mercosur countries in South America for the first five months of 2018 (Jan-May) are close to 843,000t, which is almost 15% ahead of the same period last year. This double-digit growth is primarily being driven by Argentina, where beef exports are 50% ahead of 2017.