Highlights
OPEC+ will not increase crude oil production beginning October first as planned now that crude oil prices are well below $70 a barrel. The production increase has been postponed until December.
Inflation numbers to be reported today in China are expected to show that annual consumer inflation in China accelerated to 0.7% in August from 0.5% in July, which would be welcome news as China’s fight against deflation continues. Factory product prices were down 1.4% from a year ago in August, nearly twice the pace of July's 0.8% fall.
China's National Development and Reform Commission (NDRC) issued “guidelines” in 2023 to discourage imports of corn and wheat. A month or so ago, the NDRC instructed state-owned enterprises not to sign new contracts for the rest of 2024 to import barley and sorghum. However, private importers are not restricted on what feed grains they import.