By Glen Hallick
Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Canada is now facing a 35 per cent tariff on its exports to the United States, effective Aug. 1. President Donald Trump made the announcement on Thursday, with the additional levy not applying to goods and services covered by the Canada-U.S.-Mexico Agreement. Also, surcharges on Canadian energy and fertilizer will remain at 10 per cent. In Trump’s letter to Prime Minister Mark Carney, the U.S. president continued to tout his unfounded claim that large amounts of fentanyl come into the U.S. from Canada.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- Unemployment in Canada slipped to 6.9 per cent in June, Statistics Canada reported on Friday. That came in below most analysts’ expectations of 7.1 per cent. StatCan estimated about 83,000 jobs were added last month, with the largest increase in the wholesale and retail trade at 34,000 new positions. The agriculture sector saw the only decline, with a loss of about 6,000 jobs.
- The U.S. Department of Agriculture will release its monthly supply and demand estimates on Friday at 11 a.m. CDT. Ahead of the report, the average trade projection placed 2025/26 U.S. soybean production at around 117 million tonnes, down by more than 190,000 tonnes from June. Output of U.S. corn is to be about 400 million tonnes, nearly two million tonnes less than last month. All wheat is expected to be almost 52 million tonnes, down 381,000 tonnes from June.
- The Buenos Aires Grain Exchange said on Friday that the Argentine soybean harvest has been completed, producing an estimated 50.3 million tonnes. The exchange said the corn harvest is about 62 per cent finished, projecting it to reach 49 million tonnes. During combining, farmers contended with heat and drought. As Argentine producers plant their wheat, which is about 80 per cent done, they are now facing cool temperatures.
