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: