By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- China pressed ahead on Thursday with its 100 per cent tariffs on imports of Canadian canola meal and oil, along with 25 per cent levies on seafood and pork. Back on March 7 China announced their response to Canada’s 100 per cent duties on imports of Chinese electric vehicles and 25 per cent tariffs on its steel and aluminum. So far in 2024/25 marketing year, China has acquired 1.09 million tonnes of canola meal and nearly 51,000 tonnes of the oil, according to Statistics Canada. Notably, China excluded canola seed from their punitive actions against Canada.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- The Louis Dreyfus Company announced on Wednesday it will continue to press ahead with its plans to expand its North American oilseed processing despite tariffs and uncertainty over United States biofuel policies. The company’s CEO, Michael Gelchie, said he expects Canadian canola seed, meal and oil to keep flowing into the U.S. despite the levies touted by the Trump administration. As well, U.S. farmers are dependent on large imports of Canadian fertilizer.
- The U.S. Federal Reserve maintained its key interests on Wednesday, but noted there could be two increases later this year. Fed chair Jerome Powell suggested the inflation to be caused by the Trump administration’s tariff policies may not last long. However, analysts have said those levies are very likely to lead to a spike in U.S. unemployment and there’s a possibility of the economy falling into recession as growth is widely expected to decline.
- Reports said on Thursday that the Canadian federal election could be called as soon as Sunday. However, with elections to be 36 to 50 days it’s unclear as to which date will be voting day – either April 28 or May 5. Current opinion polls have placed federal Liberals in a virtual dead heat with the Conservatives while the New Democrats continue to struggle. Prior to Mark Carney succeeding Justin Trudeau as Prime Minister, Pierre Poilievre and the Tories led polls by up to 20 points.
