Highlights, Market Factors Reassess, Markets & Rain Days Update 12/5/22
- Wright Team
- Dec 5, 2022
- 1 min read
Highlights
Last week, both China and India were purchasing crude oil from Russia at a massive $33.28 discount to Brent. On Friday, they were paying less than $54 for Russian crude oil. Therefore, the EU’s $60 cap is meaningless.
Sunday's OPEC + meeting ended as expected: No crude oil production quota changes at least until they meet again in mid-January.
It is time to reassess the factors that will drive corn, wheat and bean prices into the first part of January and to a large extent, into the spring:
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