Highlights
The OPEC+ meeting in Geneva is still on for today to discuss reducing crude oil production. The word now is they will discuss cut production in excess of 1 million barrels per day. One OPEC source said yesterday the cut could be 2 million barrels per day.
Argentina’s grain area had its driest September in 16 years after the first 8 months of 2022 were the driest in 9 years. Argentina’s weather service predicts warmer and drier weather than normal for the next three months. La Niña at work. The drought in the southern crop areas of South America will more than offset additional beans produced in the northern area of Brazil where La Niña will bring above normal rainfall on the sandy soils and produce above average yields.