Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
– The Canadian government announced Sunday evening that it will rescind the planned digital services tax in order to resume trade negotiations with the United States. U.S. President Donald Trump cut off talks on Friday because of the three per cent levy on Canadian revenues earned by U.S. companies including Amazon, Google and Meta. The federal government said it would rescind the tax “in anticipation of a mutually beneficial comprehensive trade arrangement with the United States … by July 21, 2025.”
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– OPEC+ is planning to increase crude oil production by 411,000 barrels per day beginning in August, four sources told Reuters on Friday. It would bring the total rise in supply this year alone to 1.78 million bpd or 1.5 per cent of total global demand. The group may discuss raising output by a higher amount, but some members may be against the idea. OPEC+ will meet on July 6.
– The U.S. Department of Agriculture will release its quarterly grain stocks and acreage reports later this morning. Analysts provided an average estimate of 4.625 billion bushels of corn as of June 1, down 372 million from last year. There are also expected to be 95.4 million acres planted, up 200,000 from the March estimate. Soybean stocks were estimated at 974 million bushels, while acres would be 83.5 million. For wheat, 836 million bushels and 45.4 million acres are anticipated.
