Argentina soy planting at 90.6%, corn 74.5%

Argentina soy planting at 90.6%, corn 74.5%

Global Hotspots: Floods to cut Malaysian palm oil production; Egypt has enough wheat through April

Argentina farmers have planted 90.6% of their intended soybean acreage and 74.5% of the corn acreage, the Buenos Aires Grains Exchange said this week.

The Exchange forecast total soybean acreage will be up 3% this year at 20.6 million hectares, or 50.9 million acres.

Corn planting advanced to 2.234 million hectares, or 5.52 million acres. The Exchange expects acreage will be down 21% this year to 3 million hectares, or 7.41 million acres.

Beneficial rain has fallen in Cordoba and in the north belt to help the crops. However, in the northern La Pampa and in central Buenos Aires, corn has been stressed in by a lack of rain.

Floods to Cut Malaysian Palm Oil Production – Wire Reports

Global Hotspots: Floods to cut Malaysian palm oil production; Egypt has enough wheat through April

Flooding across Malaysia likely reduced palm oil production 15 to 30% in December, compared to the more typical monthly decline of 10%, Malaysia's Plantation Industries and Commodities Minister Douglas Uggah Embas said in a Reuters story this week.

Malaysia is the second largest producer of palm oil, behind Indonesia, and a leading exporter of the oil. The vegetable oil is used in cooking and competes for market share with soybean oil, canola oil and other oils. 

The floods have been described as "one of the country's worst ever." Four of the hardest hit Malaysian states have in the past accounted for about 30% of the country's palm oil supply, according to the website of the Malaysian news agency The Star.

Egypt Has Enough Wheat Through April – Newspaper

Egypt will have enough wheat through the end of April after latest shipments arrive from Russia, according to the Daily News Egypt, which quoted the country's Ministry of Supply and Internal Trade.

Egypt is one of the world's largest importers of wheat and in 2014 bought from Argentina, Canada, France, Romania, Russia, Ukraine, and the United States. Egypt's Ministry also said it expects to receive all of the wheat it bought from Russia, despite that country taking steps to restrict exports.

Beginning in April, the government will start receiving supplies of locally produced wheat, which should raise the wheat reserve to last through the end of October.

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