By Glen Hallick
Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Chevron’s US$53 billion takeover of Hess will proceed; the International Chamber of Commerce ruled on Thursday. Exxon Mobil challenged Chevron’s move to gain access to the oil reserves in the Stabroek Block off the coast of Guyana. It’s believed the reserves contain more than 11 billion barrels of oil.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- Russia is heading to a severe drop in wheat production, consultancy SovEcon warned on Thursday. SovEcon estimated the incoming harvest at 11 million tonnes as of July 11, a drop of 55.6 per cent from the same time last year. The consultancy said the yield has been around 3.5 tonnes per hectare compared to four a year ago.
- With Canada looking to diversify its international trade, the federal government is turning its attention to a deal with the South American trade bloc Mercosur. Earlier this year, Brazil expressed interest in such a trade deal and there have been previous talks with Canada about it. Meanwhile, negotiations between Canada and the United States press on towards the Aug. 1 deadline, with the former threatening with 35 per cent tariffs if an agreement isn’t reached.
- Statistics Canada released its 2025 potato production report on Friday. StatCan estimated the nation-wide crop at more than 394,000 planted acres, down slightly from the previous year. In terms of area, the top three provinces are Prince Edward Island at 87,300 acres, Alberta at 80,000 and Manitoba at 68,200. In 2024, Canadian potato production was about 128,175 hundredweight.
