Highlights
OPEC+ members agreed yesterday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter of 2024 as OPEC+ tries to counter concerns over poor global growth and rising crude production by non-members.
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Chevron has suspended biodiesel production operations at its plants in Ralston, Iowa, and Madison, Wisconsin due to a lack of profitability. The two plants can collectively produce 50 million gallons of biodiesel per year.
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The price of a 20% biodiesel blend fell last month to $3.45 per gallon of gasoline equivalent, from a peak of $4.80 per gallon in October 2022.
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India’s government said its rice production is expected to decline for the first time in eight years because of below average rainfall, but wheat production is expected to rise 1.3% from a year ago. India is the world’s largest rice producer and exporter. The country banned exports of non-basmati white rice in July, sending global prices surging.  Rice and wheat compete for market share worldwide.