China - futures up

As maize prices fall in parts of the world, futures prices in Dalian in China have risen by about 20% since the COVID-19 epidemic began in February. This has led to food inflation and calls for increased imports. The supply and price pressure, which some see as continuing, has been exacerbated by government policy which reduced internal stockpiles by 90%.

New Zealand - Westland CEO resigns

Westland Dairy Company CEO Toni Brendish has resigned from her role and will leave the company after four years. Westland, the former co-operative based on the west coast of New Zealand, was taken over by Chinese company Yili at the end of 2019 after it ran into financial difficulties. Brendish is being replaced by Yili director Shiqing Jian.

Brazil - beef exports up

Brazil’s department of trade has reported the setting of a new monthly beef export at just over 169,000t for July, which is almost one third more than it exported in July 2019.

USA - fall in McDonald’s sales

Fast food chain McDonald’s have reported a 30% fall in sales globally during the second quarter of 2020 and a fall in net income of 68% to $433.8m (€367.6m) caused by temporary closures and restricted operations, with the UK and France in particular affecting results.