By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Flooding in central Texas has killed more than 80 people as of Monday, with 27 at Camp Mystic. Authorities said dozens more people are believed to be missing as search and rescue efforts continued. The deluge began over the weekend when up to a foot of rain fell in a few hours that saw the Guadalupe River rise in excess of 26 feet. More rain has been forecast for Monday and Tuesday, with two to four inches expected, but with warnings of localized downpours that could reach 10 inches.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- The OPEC+ alliance agreed on Saturday to increase its oil output in August by 548,000 barrels per day from the previous 411,000 BPD increases. The decision restores now about 80 per cent of the 2.2 million BPD in voluntary cuts made by eight OPEC countries back on to the market. OPEC+ includes OPEC plus 11 other major oil producing countries.
- On Sunday, United States President Donald Trump threatened additional 10 per cent tariffs on any country that aligns itself with the BRICS group of countries. Trump deemed the organization to be anti-American after BRICS issued a statement expressing serious concerns over the “rise of unilateral tariff and non-tariff measures.” The founding members of the group are Brazil, Russia, India, China and South Africa. BRICS now includes Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates.
- S. Census data reported on Monday that the country exported 1.60 million tonnes of soybeans in May, down nearly 27 per cent compared to the previous May. Corn exports in may tallied 7.29 million tonnes, up more than 22 per cent from a year ago. U.S. wheat exports in May came to 2.16 million tonnes, a four-year high.
