Tidbits, Crude Oil, Soybean Pricing, FOB 10/6/25
- Wright team
- Oct 6
- 5 min read
Tidbits
Harvest report: From Central Ohio, double crop soybeans made 56 bushels after 12 tons of chopped triticale. Unlike most of the Eastern Corn Belt, this field had a 3 inch rain on the first day of August and another 1.5 inches through the first week of September.
Crude oil: The OPEC+ members met yesterday to decide if they should increase daily production in November by 137,000 or 548,000 barrels per day or some amount in between. Saudi Arabia wanted a big increase because the Saudis have the oil to export and are trying to recapture market share. Russia and the smaller producers did not want to increase production as they are struggling with the low crude prices, which are below breakeven for some of them. Plus, in Russia’s case, current sanctions are making it difficult for Russia to export what oil they can produce now. More oil exports would add to their transport problems and probably would bring more sanctions.
The decision was OPEC+ will raise oil output in November by 137,000 barrels per day, opting for the same fairly modest monthly increase as in October. OPEC+ and some smaller non-member producers collectively increased oil production by more than 2.7 million bpd this year which is about 2.5% of global demand. The same ministers will meet again on 2 November to decide December production.
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