1. OPEC cuts oil production by a new record
OPEC+ agreed to cut oil production by a record two million barrels a day, which will send gas and diesel prices higher, and it comes as gas prices are already climbing for the second straight week.
Carley Garner with DeCarley Trading called it a slap in the face to leaders around the world, and that the move was symbolic because OPEC has not reached its production goals as of late, but it throws the markets into further chaos.
Read the full story: https://www.rfdtv.com/opec-cuts-oil-production-by-a-new-record
2. Supreme Court heard arguments in Sackett vs. EPA case
Justices will decide how far from the water’s edge the Clean Water Act applies. Some conservative justices expressed concern over the Act’s broad reach, and seemed to favor keeping “navigable” in the Waters of the U.S. rule.
Several liberal justices focused on finding common ground that would still allow the EPA to regulate what they define as a wetland.
After the arguments, the National Cattlemen’s Beef Association called on the EPA to pause all rule-making in regard to WOTUS.
Read the full story: https://www.rfdtv.com/sackett-vs-epa-scotus-hears-arguments-ncba-wants-pause-on-rulemaking
3. Global food prices dropped again
For the sixth consecutive month, global food prices saw a decrease, but prices are still 5.5 percent higher than a year ago.
The World Food Price Index came in at 136, which is down a percentage point from August. A drop in vegetable oil prices drove the trend, reaching their lowest level since February of 2021.
4. Florida community came together to help farmer affected by Hurricane Ian
Hurricane Ian wreaked havoc in Florida, devastating cattle and crops. Ag groups have been rallying together to provide relief to farmers and ranchers.
The Florida Cattlemen’s Association has set up a hurricane headquarters at the Arcadia Stockyard to help.
Read the full story: https://www.rfdtv.com/hurricane-headquarters-for-herds-update-on-floridas-cattle-industry-following-ian
5. Loretta Lynn passed away at age 90
Loretta Lynn, also known as “Country Music’s First Girl Singer,” “the Queen of Country Music,” and “The Coal Miner’s Daughter,” passed away Tuesday at the age of 90 in her Tennessee home.
Her family released a statement to the Associated Press, saying, “Our precious mom, Loretta Lynn, passed away peacefully this morning in her sleep at home in her beloved ranch in Hurricane Mills.”
Artists have been paying tribute to her on social media, sharing their fondest memories of Loretta or how her kind spirit will be instilled in their hearts. You can read those here:
https://www.rfdtv.com/country-music-artists-pay-homage-to-the-late-loretta-lynn
