Palm oil stockpiles in Malaysia probably jumped to the highest level in eight months as exports from the world’s second-biggest producer declined for the first time since May, a Bloomberg survey showed. Futures fell.
Saudi Arabia will probably hedge against fluctuating world wheat prices after announcing plans to diversify its sources of imports, the U.S. Department of Agriculture’s Foreign Agricultural Service said.
The crash in corn prices is spilling over into soybeans. As a result, Brazil will grow more of the higher-value oilseed, helping push global markets into a record glut and replacing the U.S. as the top producer.
Thailand, once the world’s biggest rice exporter, will see a 17 percent jump in stockpiles to a record next year as it pursues a policy of buying from farmers at above market rates, said the Food & Agriculture Organization.