Beginning in October, OPEC and its allies will cut oil production by two million barrels each day. Total Farm Marketing Senior Market Advisor Naomi Blohm says this cut is significant and higher than traders expected. “It also adds another level of uncertainty, especially as the war with Ukraine and Russia continues,” Blohm told RRFN. “If there’s any additional supply disruptions, it makes the case for higher priced energy and higher priced energy can lead to higher priced ethanol and corn. This is a story to watch.”
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