In Belgium, the European Commission announced help for farmers dealing with European drought conditions that is affecting crop production and animal feed. First, “farmers will be able to receive up to 70% of their direct payment and 85% of payments under rural development as of mid-October,” instead of December in order to help farmers’ cash flows. Second, the Commission is allowing farmers certain requirement exemptions like allowing animal feed production on land that normally isn’t used for production.
Rising temperatures and lack of rainfall have been plaguing European farmers this year, affecting production and also impacting feedstock and grain prices, increasing prices in the market. Euronext milling wheat increased to the highest level since May 2014. Corn prices reached their highest level in five years, according to S&P Global.