Yesterday U.S. oil prices crashed. WTI oil futures closed at a staggering negative $40.32 per barrel. What does that mean?
Oil storage is full.
What about international oil prices? They remain unchanged. Brent crude oil closed around $25.41 per barrel. There is a tremendous difference between U.S. oil prices and international oil. Normally, this is an arbitrage opportunity. With COVID disrupting shipping, the U.S. is unable to export oil and close the price gap.
On first blush, agriculture stands to win. Cheaper fuel abounds. However, oil producers able to slow or stop production will do so. When wells stop producing...
IDAHO: Idaho had a milder winter in the north but cold conditions continued in the eastern region. Benewah and Kootenai Counties reported warming weather—temperatures in the high 40s in the day, freezing temperatures at night. Weather was favorable for calving across the Panhandle. There was above-average snowpack at higher elevations. Fall seeded crops were in good condition in Lewis County. Grass and winter wheat were greening up in Boundary County. Soil was still frozen, so no fieldwork was possible. Most fields in Latah and Nez Perce Counties were...
The phase one deal between the US and China sets the stage for timothy export protocols. The Chinese have 30 days after the deal is finalized to establish the new protocol for timothy. There is still uncertainty around how strong demand will be, but the ability to ship to China is favorable for northwest timothy growers.
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