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Tidbits, Fuel, Markets & Rain Days Update 4/3/23

Highlights


A major winter storm is expected April 3 to 5 from the Central Rockies to the Northern Plains and Upper Midwest, bringing widespread heavy snow and blizzard conditions.

The USDA said Friday farmers in Michigan will plant 50,000 more acres of corn this year than in 2022; Minnesota will plant 350,000 more acres of corn; South Dakota will plant 150,000 more and North Dakota will plant 800,000 more acres of corn in 2023 than 2022. That is 1.350 million additional acres of corn, which is 39.5% of the total 2023 additional intended planted acres over 2022.

OPEC members announced yesterday they will cut crude oil production by 1,023,000 barrels per day from May until the end of 2023. Almost half of the production cut will come from Saudi Arabia. Non-OPEC member, Kazakhstan, will reduce production by 78,000 barrels a day. This cut is on top of Russia’s half million barrels per day reduction announced last month. May crude oil opened above $80 and went to $81.69 last evening.

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