• Traffic through the Strait of Hormuz was at less than 10 per cent of normal volumes on Thursday, as the two-week ceasefire between the United States and Iran remained shaky. Vessels must co-ordinate with Iran’s Islamic Revolutionary Guard Corps (IRGC). More than 180 tankers carrying approximately 172 million barrels of crude oil and refined products remain stranded in the Persian Gulf, reported ship tracker Kpler.
• Israel continued its attacks on Lebanon, including strikes on commercial and residential areas of Beirut killing 182 people on Wednesday. The U.S. and Israel have said the ceasefire with Iran does not extend to the Israeli conflict with Iran-backed Hezbollah in Lebanon.
• Afghanistan and Pakistan have agreed to “explore a comprehensive solution” to their weeks long conflict, said the Chinese government who mediated recent talks. Hundreds of people have been killed in cross-border fighting between the neighbouring countries, with Afghanistan and Pakistan now saying they won’t “take actions that would escalate or complicate the situation,” according to a Chinese official.

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     – The United States, Israel and Iran agreed to a two-week ceasefire on Tuesday, hours before the U.S. were to launch a large-scale attack on Iran. One of the terms of the 10-point plan brokered by Pakistan was Iran facilitating safe passage through the Strait of Hormuz. As a result, crude oil prices fell by US$18 to US$21 per barrel since the announcement. However, Israel continued to attack Lebanon in its war against Hezbollah and the fate of Iran’s missile and nuclear programs remain unclear.

     – The Artemis II spacecraft, which is carrying Canadian astronaut Jeremy Hansen, is pointed towards Earth and its crew is preparing to land in the Pacific Ocean off the coast of San Diego, Calif. on Friday at around 7 p.m. CDT, NASA said on Tuesday. A NASA spokesperson added that the crew is packing all of the science equipment, cameras, tablets and reference material before re-entering Earth’s atmosphere. The mission broke the record for the farthest distance humans have flown from Earth at 406,771 kilometres, beating the previous record of 400,171 km set by the Apollo 13 astronauts in 1970. The Artemis crew also had a call with astronauts on the International Space Station, which is 400 km above Earth.

     – John Deere settled a class-action lawsuit on Tuesday, establishing a US$99 million settlement fund for farmers over costs and access to repairs. John Deere also agreed to make “the digital tools required for the maintenance, diagnosis, and repair” of large agricultural equipment, including tractors, combines, and sugarcane harvesters for 10 years. The settlement fund covers eligible plaintiffs who paid Deere’s authorized dealers for repairs to large agricultural equipment from January 2018. The company is also facing a lawsuit from the U.S. Federal Trade Commission, accused of forcing farmers to use its authorized dealer network and driving up their costs for parts and repairs.

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• As a deadline looms for Iran to reopen the Strait of Hormuz, United States President Donald Trump wrote on his Truth Social platform Tuesday morning that “a whole civilization will die tonight, never to be brought back again.” Trump added “I don’t want that to happen, but it probably will.”
• World markets were showing volatility ahead of Trump’s deadline, with crude oil higher in early activity. The U.S. and Israel launched strikes against Iran, who promised retaliation.
• The crew of Artemis II completed their trip around the Moon, breaking the record for the farthest distance humans have travelled from Earth. The capsule is now on its way back home and is expected to land on Friday.

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• Canada’s merchandise trade deficit widened to C$5.7 billion in February from C$4.2 billion the previous month, marking the largest deficit since August 2025, reported Statistics Canada. Imports were up 8.4 per cent on the month to a record high of C$72.1 billion, while exports increased by 6.4 per cent to C$66.3 billion.
• A major petrochemical plant in Iran’s South Pars natural gas field was attacked by Israel on Monday, said Israeli officials. A deadline from the United States for Iran to open the Strait of Hormuz is set for later Monday, with President Donald Trump threatening to bomb power plants. Iran responded to the Israeli attack with missile fire on Israel and neighbouring Gulf countries.
• The Artemis II is set to conduct its flyby of the moon on Monday, with the crew of four astronauts, including Canadian Jeremy Hansen, becoming the most distant humans from earth in history.

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Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

• Crude oil prices were sharply higher on Thursday morning, following the televised address by United States President Donald Trump on Wednesday evening. Trump did not say when the Middle East war could be over, suggesting the conflict could escalate with more U.S. attacks on Iran. The nearby contracts for West Texas Intermediate and Brent crude were near or above US$110 per barrel.

• Statistics Canada reported on Thursday that the country’s international merchandise trade saw imports in February increase 8.4 per cent while exports rose 6.4 per cent. That pushed Canada’s merchandise trade deficit for February to C$5.7 billion. For services, StatCan said exports were up 1.5 per cent and imports slipped 0.7 per cent, for a surplus of C$400 million.

• Stellantis announced on Wednesday it could partner with Chinese electric vehicle maker Zhejiang Leapmotor Technology to build EVs in Canada. Stellantis said if a deal is reached, the EVs would be made at its Brampton, Ont. car plant which shuttered in 2025.

• United Kingdom Prime Minister Keir Starmer will host a virtual conference of 40 countries on Thursday, in seeking ways to reopen the Strait of Hormuz without resorting to military force. Iranian strikes on vessels in the Strait brought traffic to a halt, except for a select few. Aside from NATO and other European countries, Bahrain, the United Arab Emirates, Panama and Nigeria will participate in the conference.   

• Artemis II successfully launched from the Kennedy Space Center on Wednesday, as the first human mission to the Moon in 54 years entered its second day. Four astronauts, including Canadian Jeremy Hansen, continued to orbit the Earth on Thursday before heading to the Moon tomorrow.

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Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

• The presidents of the United States and Iran have indicated there could be an end to the Middle East war. President Masoud Pezeshkian said on Tuesday that Iran has “the necessary will” to bring the conflict to a halt, provided there are strong guarantees the U.S. wouldn’t attack Iran again. On Wednesday, President Donald Trump claimed that Iran asked for a ceasefire. Trump is scheduled to deliver a televised address at 8 p.m. CDT today.

• Meanwhile, Trump said he’s prepared to withdraw the U.S. from NATO. The U.S. president is angry that NATO members haven’t assisted the U.S. in its war against Iran, despite his administration not consulting them beforehand. The 77-year-old military alliance is predicated on mutual defence, backed by the massive U.S. nuclear arsenal.

• Canadian Finance Minister Francois-Philippe Chamapange started a four-day visit to China on Wednesday. Champagne is scheduled to meet with government officials and business leaders, building on the agreements reached during Prime Minister Mark Carney’s visit in January. Over the last several days the Carney government has contended with questions over China’s use of forced labour.

• United Kingdom Prime Minister Keir Starmer will host 35 countries as they discuss ways to reopen the vital Strait of Hormuz. Presently, about 1,000 vessels are held up in the strait with very few allowed to pass. That’s leading to fuel shortages around the world. The meeting comes on the heels of President Trump’s criticism that those countries can find their own oil.

• The first human space flight outside of Earth’s orbit since 1972 could be launched later on Wednesday. NASA’s Artemis II rocket, carrying the Orion spacecraft is set to blast off for the Moon as early as 4:30 p.m. CDT. The 10-day mission is to orbit the Moon, and its four-person crew includes Canadian astronaut Jeremy Hansen.   

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Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

• Iran struck a Kuwaiti oil tanker off the coast of Dubai with a drone on Wednesday. Dubai officials said the Al-Salmi was on fire, but the crew was safe and no oil was spilled into the Persian Gulf. Since the start of the Middle East war, scores of tankers and other cargo vessels remain held up in the Strait of Hormuz. About 20 per cent of the world’s oil supply comes through the narrow strait.

• United States President Donald Trump lashed out on Tuesday at countries whose oil supply is dependent on the Strait of Hormuz. On Truth Social, Trump stated “go get your own oil,” directing his comments at the United Kingdom and other countries unwilling to assist the U.S. in its month-old war against Iran. The Trump administration failed to consult many of its allies before striking at Iran.

• Statistics Canada reported on Tuesday that the country’s gross domestic product nudged up 0.1 per cent in January. StatCan said oil and gas extraction rose 1.6 per cent growth that month, but the manufacturing sector contracted by 1.4 per cent. The services industries were largely unchanged in January. The data agency projected 0.2 per cent economic growth for February.  

• StatCan also reported that 951,353 tonnes of canola were crushed in February, up from 882,610 the previous February. The agency also said all grain deliveries last month came to 5.38 million tonnes versus 4.66 million a year ago. Canola deliveries were stronger at 2.02 million tonnes, up from 1.61 million the same month last year.

• Fires at Russian oil facilities on the Baltic Sea continued to burn on Tuesday. Last week, Ukraine launched drone attacks on the facility, setting them ablaze and they were attacked again Monday night. More than 40 per cent of Russia’s seaborne oil exports pass through the Ust-Luga and Primorsk sites.

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Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

• In a post on Truth Social on Monday, United States President Donald Trump threatened to destroy Iran’s energy and power infrastructure, as well as capture Kharg Island if the Strait of Hormuz were not made safe for vessels to pass through. That caused a spike in crude oil, pushing benchmark prices above US$100 per barrel. Meanwhile, Pakistan said it plans to host talks with Iran in the coming days to end the war.    

• In an effort to reduce spikes in oil, the Australian government announced on Monday it’s cutting its excise tax by 26.3 cents per litre and removing the heavy road user charge for the next three months. Prime Minister Anthony Albanese said measures are to keep the country moving and to protect critical services. The country’s farmers criticized the plan for not specifying what are considered as critical services.

• The U.S. Department of Agriculture announced on Monday, a private sale for 145,000 tonnes of old crop corn to unknown destinations. Later this morning, the USDA will release its export inspections report, showing where U.S. grain has been shipped overseas for the week ended March 26.

• Air Canada CEO Michael Rousseau announced his retirement on Monday. Recently, Rousseau has been heavily criticized for a virtually English-only condolence video following the crash between an Air Canada Express airplane and a firetruck at LaGuardia Airport in New York. The only French he spoke were “bonjour” and “merci.” He said he will retire by the end of the third quarter of this year.

• Avi Lewis was elected the new leader of the federal New Democratic Party on Sunday. Lewis takes over the party at a low ebb with only six seats in the House of Commons, no official party status in Parliament and with the NDP $13 million in debt. The former journalist and documentarian who won 56 per cent support on the first ballot, campaigned on a new wealth tax and no new oil production.  

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     – United States President Donald Trump extended his deadline to April 7 for Iran to re-open the Strait of Hormuz or face attacks on its energy infrastructure. Both countries have submitted ceasefire plans to each other, but they were eventually rejected. Meanwhile, Israeli Defence Minister Israel Katz said its own attacks on Iran will “escalate and expand to additional targets” if Iran continues to fire missiles into Israel. The United Nations Security Council is set to meet Friday morning to discuss the conflict.

     – Canada spent two per cent of its 2025 GDP on defence, totalling C$62.7 billion and meeting NATO’s target, said the NATO Secretary-General’s annual report released on Thursday. Canadian Prime Minister Mark Carney said it was Canada’s highest level of defence spending relative to GDP since the fall of the Berlin Wall in 1989. His predecessor Justin Trudeau had previously announced that Canada would hit the target in 2030. NATO also reported all of its member nations spent two per cent of their GDP on national defence, an objective first outlined in 2014 and accelerated by Trump’s threats to pull the U.S. out of the alliance.

     – The federal New Democratic Party will elect its new leader in Winnipeg on Sunday. The winner will take over a party with six seats in the House of Commons. There are five candidates running for the position: MP Heather McPherson, activist and filmmaker Avi Lewis, union leader Rob Ashton, farmer Tony McQuail and social worker and municipal councillor Tanille Johnston. The NDP will also vote on the removal of Section 107 from the Labour Code, which gives the federal government broad powers to intervene in labour disputes. The party will also vote on making federal election days a statutory holiday, opposing Canada joining the U.S. Golden Dome defence system and enacting more AI regulations.

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Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

• Iran rejected the 15-point plan for a ceasefire on Wednesday from United States President Donald Trump via Pakistan. Iran countered with its five-point plan that includes it having control over the Strait of Hormuz. Trump recently said the strait could be jointly controlled by the U.S. and Iran. The U.S. continued its troop build-up in the region while Iran and Israel traded overnight strikes.

• Trump and Chinese President Xi Jinping are set to meet May 14-15 in Beijing. Their long-awaited summit was postponed from April shortly after the U.S. and Israel attacked Iran. The two leaders will discuss trade issues as well as the tensions between their respective countries. Later this year, Xi will visit Washington to meet Trump again.

• Global economic growth is likely be curtailed in 2026, the Organization for Economic Co-operation and Development said on Thursday. The OECD pointed to the inflationary pressures from the Middle East war as to why it cut its outlook from 3.3 per cent growth to 2.9 per cent.

• The European Parliament approved legislation on Thursday, supporting a trade deal between the European Union and the U.S. The deal would set mutual tariffs at 15 per cent and there would be more European investment in the U.S. The legislation now requires the approval of the EU’s 27 member states.

• At nearly 669,000 tonnes, export sales of old crop soybeans exceeded market projections for the week ended March 19, the U.S. Department of Agriculture said on Thursday. Soymeal was also above guesses at more than 507,000 tonnes, while soyoil sales were 800 tonnes. Old crop corn were on the high side of trade expectations at about 1.22 million tonnes. Those for wheat were around 397,000 tonnes, about mid-range of pre-report estimates.

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