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Global Markets: Canadians get a new Minister of Agriculture

WINNIPEG, March 1 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– Friday morning kicked off with a cabinet shuffle on Parliament Hill after Jody Wilson-Raybould’s departure following the SNC-Lavalin controversy. Lawrence MacAulay, formerly the Minister of Agriculture, is moving to Veteran Affairs. Minister of International Development Marie-Claude Bibeau will move to the agriculture portfolio.

– Gerry Butts, former top adviser to Canadian Prime Minister Justin Trudeau, will testify before MP’s on March 6 in regards to the SNC-Lavalin controversy. After watching former Justice Minister Judy Wilson-Raybould testify on Feb. 27, Butts believes his perspective will offer valuable insight to the committee.

– Oil prices hit a multi-month high, as U.S. trade sanctions on Venezuela have reduced the country’s oil exports by 40 per cent. The Organization of Petroleum Exporting Countries also led production cuts, removing 1.2 million barrels from the market. Brent crude prices opened on Friday at 7 cents higher than Thursday’s close.

– United States President Donald Trump plans to meet with Chinese President Xi Jinping in mid-March to discuss trade sanctions. President Trump’s office reports “there has been substantial progress made in talks with China.”

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