Highlights
OPEC+ on Thursday has postponed the revival of its oil production by three months, now set to begin in April 2025 instead of January 2025, marking the third such delay amid struggling crude prices and a potential surplus. The planned initial increase of 180,000 barrels per day will now be part of a slower unwinding of cuts expected to conclude in September 2026. Despite this delay, the UAE is permitted to gradually increase its production by 300,000 barrels per day throughout 2025.
Yesterday morning, the USDA announced the sale of 136,000 mts of old crop soybeans to China.
Tidbits
Stata Canada reported yesterday morning it estimated the 2024-25 canola production at 17.85 million mts; market expected 18.51. They see soybean production at 7.57 million mts; market expected 7.27 and wheat production at 34.96 million mts; market expected 35.04.