The following is a glance at the news moving markets in Canada and globally.
– Four wildfires are continuing to burn out of control in Newfoundland and Labrador and hot and dry weather conditions are not helping matters. The largest wildfire in the province is the Kingston fire near Conception Bay North, which has spread to more than 5,000 hectares. The province rated almost the entire island of Newfoundland at “extreme risk of fire”. A heat warning for Newfoundland’s east coast will be in effect until Thursday. Meanwhile in New Brunswick, fires near Miramichi and Moncton are threatening communities and caused the provincial government to ban public access to Crown lands. High temperatures are expected to reach 30 degrees Celsius in the coming days, while parts of Ontario and Quebec could see temperatures up to 35 C.
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– United States President Donald Trump urged China to quadruple its orders of U.S. soybeans on social media on Sunday, the day before a 90-day tariff pause was set to expire. China purchased 105 million tonnes of soybeans in 2024 with approximately a quarter coming from the U.S. and the rest from Brazil. While Trump’s request raised U.S. soybean futures, analysts believe it is unlikely China will quickly ramp up its purchases.
– Ukrainian President Volodymyr Zelenskyy said on Saturday a peace deal between his country and Russia will not include giving up territory to the latter, as Trump had suggested. Ukrainian officials and those from other European nations met with U.S. vice-president JD Vance in England on Saturday, with Zelenskyy calling the talks constructive. Ukraine wants a seat at the table when Trump and Russian President Vladimir Putin meet in the coming days.
– Rapeseed prices at Ukrainian ports dropped by US$5 per tonne last week, APK-Inform reported. Rapeseed exports rose over the past two weeks due to harvest progress, but were slower than last year’s pace due to growers holding on to their crop. Analyst Dmytro Vityuk said at a meeting of traders last weekend that Ukraine is expected to export 85 per cent of its rapeseed crop, including 2.5 million tonnes to the European Union this year.
