A pivotal OPEC+ meeting?; soybeans as bargaining chips

Speculation has mounted that OPEC+ is considering a super-sized increase to output quotas at this weekend’s meeting, which has weighed heavily on oil prices. Irrespective of whether OPEC+ opts for an ambitious output hike or a more manageable one for members, the oil market is facing a large supply glut that will weigh heavily on prices over the next year or so. Meanwhile, news that soybeans will be a "major" topic at upcoming talks between Presidents Trump and Xi Jinping has boosted soybean prices. Though, any headlines emerging from the talks should be taken with a pinch of salt, given China did not meet promised buying targets in an agreement made during Trump’s first term.