USDA raised its estimated range of 6.5%-7.5% y/y increase from a range of 5%-6%, according to the May Food Price Outlook report, the highest forecast for all food prices and restaurant prices since 1981.

India has no immediate plans to lift a ban on wheat exports but will continue with deals which are done directly with other governments, Commerce Minister Piyush Goyal told Reuters.

U.S. soybean futures fell on Wednesday, with forecasts for improved planting weather in northern growing areas pressuring prices.

Grains slid again on Wednesday, but ended off lows. Livestock faded early gains.

The recovery from this year’s high path avian influenza outbreak is taking place much quicker than in 2015, despite the fact that the virus is more virulent.

Texas received crucial rains this week, reviving farmers’ hopes of producing a crop this year. A dire drought situation already robbed farmers of their winter wheat, but rains are now sprouting hope for other crops.