Global Markets: Moe considers options to support canola growers

Glacier FarmMedia – The following is a glance at the news moving markets in Canada and globally.

– Saskatchewan Premier Scott Moe said in a press conference on Tuesday that he is considering a trade mission to China, through the province’s trade office in Shanghai, to aid the canola industry. China will place a 75.8 per cent preliminary anti-dumping duty on Canadian canola imports effective Thursday. However, Moe said any trade mission requires the support of the federal government, while also asking Ottawa to provide financial assistance to the canola sector and to not sacrifice the market for the smaller electric vehicle industry. Eleanor Olszewski, the federal minister responsible for Prairies economic development, said in a separate press conference in Saskatoon on Tuesday that canola producers will have the federal government’s support.

– The United States Department of Agriculture released its August supply/demand estimates on Tuesday, projecting the country’s corn yield to be at a record high of 188.8 bushels per acre, 7.8 bu./ac. more than the July estimate, resulting in an additional 1.03 billion bushels at 16.74 billion. The soybean yield was also projected at a record high of 53.6 bu./ac., but production was down 50 million bushels at 4.29 billion. Projected harvested acres for corn were up nearly two million from July at 88.69 million, while those for soybeans lost 2.44 million acres at 80.1 million.

– Ukrainian President Volodymyr Zelenskyy will meet in Berlin today with German Chancellor Friedrich Merz for a meeting with European and U.S. leaders. This meeting is an attempt for European leaders to be heard before a summit between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska this week. Zelenskyy will meet with European leaders first before participating in a virtual call with Trump and U.S. vice-president JD Vance an hour later. The Ukrainian president remains doubtful Putin will act on good faith during any negotiations.

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