India and NZ suffer crop failures and failing demand for exports
Cotton, soybean, urad and moong crops have all suffered in India this year, says the Indian Government; cotton has been damaged by whitefly infestation, while the other three have suffered losses due to yellow mosaic virus. The Indian Government has ordered a report to assess the loss. In New Zealand, exports of its lamb are predicted to drop due to weakness in its two largest export markets, China and the UK. Exports to the UK have dropped due to increased domestic production and a decline in the euro against the pound denting exports. In China, where demand for lamb has surged, primarily for traditional lower-value cuts, prices have also declined, as the earlier high prices prompted more importers to enter the market, pushing up inventories and weighing on demand. Furthermore, higher than normal lamb availability early in the season is weighing on prices, as farmers are selling lambs earlier than normal over concerns about the El Nino drought conditions over the summer, resulting in meat processing firms not having to compete as aggressively for supply.

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