By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- About 36 per cent of Canadian agricultural and seafood businesses have been affected by China’s tariffs, said a report issued this week by the Canadian Federation of Independent Business. The report also found that 23 per cent of them have taken a direct hit. Last month, China imposed 100 per cent tariffs on its imports of Canadian canola oil and meal, along with peas, pork and seafood. The move was seen as retaliation for Canada’s 100 per cent levies on Chinese electric vehicles and 25 per duties on its steel and aluminium.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- Cash prices on the Canadian Prairies for spring wheat and amber durum were mixed for the week ended April 24. Meanwhile, cash prices for canola increased. Depending on the variety, spring wheat lost C$3.40 to gaining C$3.05 per bushel following losses in United States wheat futures. Durum shed 40 cents to bumping up C$1.50/bu. Canola advanced C$18.10 to C$21.10/bu. riding a nearly week-long rally on the Intercontinental Exchange.
- A large swath of the southwestern U.S. remained in extreme to exceptional drought, according to the U.S. Drought Monitor on Thursday. Those areas ranged from central Texas, to southern New Mexico, to most of Arizona and southern Nevada. Also, a great part of the U.S. Plains continued to be abnormally dry to moderate drought, with pockets of severe drought. The latter included one that spanned areas of South Dakota, Nebraska and Wyoming.
- Palm oil imports by China and India are expected to increase in 2025 as price become more competitive, the Malaysian Palm Oil Council said this week. For the past year, crude palm oil carried a premium over crude soyoil after Indonesia raised its biodiesel blending rate to 40 per cent, which reduced available supplies. The MPOC said palm oil prices are now down 12 per cent, which has enticed buyers from China and India.
