By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- The Bank of Canada held its key interest rate at 2.75 per cent on Wednesday. The Canadian central bank said economic uncertainty due to United States tariffs was the primary reason for the rate freeze. The BoC added that inflation excluding taxes increased to 2.3 per cent in April, more than it expected. The BoC is set to make its next rate announcement on July 30.
Read Also
Global Markets: Carney meets with U.S. senators, premiers
Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally. – Canadian…
- Higher U.S. tariffs on its steel and aluminum imports took effect on Wednesday. President Donald Trump signed the executive order on Tuesday that doubled the levy to 50 per cent. Canada is the largest foreign supplier of steel and aluminum to the U.S. A statement from the Prime Minister’s Office said the tariffs are “unlawful and unjustified” and contravene the Canada-U.S.-Mexico Agreement.
- Consultancy AgRural boosted its call on total Brazil corn production for 2024/25 to 128.5 million tonnes on Wednesday. That’s an increase of 3.7 million tonnes from AgRural’s previous estimate, with it pointing to larger than expected yields of the safrinha crop. Also, the consultancy raised its forecast on the Brazil soybean crop by 1.3 million tonnes, now at 169 million.
- Manitoba Agriculture reported spring planting in the province as of June 3, reached 95 per complete overall and 10 points ahead of the five-year average. Spring cereals were virtually complete, with oilseeds and pulses close behind. The report said the lack of rain was the main reason for the speedy seeding progress.
