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Tidbits, OPEC, PMI, Q&A: Shorting Wheat 6/3/24

Highlights


Yesterday, OPEC+ extended its “voluntary” production cuts through 2025 with the exception of the UAE. Thus, the UAE will increase production by 300,000 barrels per day from January 2025 and all OPEC+ quota will be 39.725 million barrels per day. The increase will be carried out in stages, from January 2025 and until the end of September 2025.

 

Multiple countries in Asia will report today their manufacturing purchasing managers index (PMI) for the continent's biggest economies, which set the market tone for today.

 

The most important PMI is China's unofficial (but independent) Caixin number, which is expected to inch up to 51.5 from 51.4.

 

China's manufacturing activity in May grew at the fastest pace in about two years with strong production and new orders indicating the sector remains robust.

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