Hot and dry weather in recent months has hit European wheat fields hard, pushing U.K. feed-wheat futures’ premium over French corn to a four-year high.
Arla Foods, one of the world’s biggest dairy companies, said a weaker pound after Britain’s vote to leave the European Union prompted it to start a cost-cutting program to save $493.5 million by the end of 2020.
While still negotiating with Canada and the US, Mexico scored a separate victory over the weekend with a deal in principle to update a 17-year-old free-trade agreement with the European Union.
Global feed production is at an all-time high. In the 2019 Global Feed Survey, Alltech estimates a 3% growth to 1.068 billion metric tons of feed produced.