New Zealand - profits down at Fonterra

Fonterra EBIT was $825m for quarter ending 30 April, down $134m, reflecting lower sales volumes, higher milk price, on-going COVID-19 disruptions, and decline of the Sri Lankan currency.

Australia - increase in lamb production

Australian lamb slaughter increased year on year by 11,800 head in Q1 2022 compared with Q1 2021 to reach 4.97 million head.

USA - increased food price inflation forecast

The United States Department of Agriculture has revised upwards its forecast for food price inflation to between 6.5% and 7.5%, the highest since 1980.

UK - beef exports rebound

UK beef exports for the first quarter of 2022 were 53% higher than the same period last year at 30,800t as the industry adapts to EU Brexit controls.