LAA I will agree with you that Cutting prices is a far cry from increasing production.
But if you were the worlds largest supplier of calves; You usually held back calves when the market went slack to keep prices up; and then at the right moment when some big buyers were cutting buying of calves; kept shipping calves with a price tag of 50%; you would influence the market enough to drive calf prices down.
China and others are cutting oil imports creating somewhat of a glut in the market.
USA is pumping more oil than ever with a government export ban on crude oil. The Saudi price cut is selective; so they are selling oil to USA buyers at a reduced rate. Saudi Arabia in the past would have cut production to keep the price up but they did not do that this time so there is now a real glut of cheap oil in the USA.
Not really dumping oil on the market. More so refusing to artificially keep the price high by limiting supply.
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Today's Featured Article - Harvestin Hay: The Early Years (Part 2) - by Pat Browning. The summer of 1950 was the start of a new era in farming for our family. I was thirteen, and Kathy (my oldest sister) was seven. At this age, I believed tractor farming was the only way, hot stuff -- and given a chance I probably would have used the tractor, Dad's first, a 1936 Model "A" John Deere, to go bring in the cows! And I think Dad was ready for some automation too. And so it was that we acquired a good, used J. I. Case, wire tie hay baler. In addition to a person to drive th
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