By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Canada’s gross domestic product in the first quarter of 2025 increased by 2.2 per cent on an annualized basis, Statistics Canada reported on Friday. That’s up from a revised 2.1 per cent in Q4 of 2024. StatCan said United States-based companies rushing to stockpile inventory from Canada was the main driver of the increase. With the report in hand, the Bank of Canada will announce its interest rate decision on June 4.
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- A U.S. federal appeals court ruled on Thursday that the Trump administration can continue their tariffs on imports from other countries. On Wednesday, the U.S. Court of International Trade said President Donald Trump did not have the authority to place levies on Canada, Mexico and China, plus the 10 per cent blanket tariff on all other countries. This ruling stated these duties had to end in 10 days, while the appeal court has allowed them to remain in place until the matter is eventually settled by the U.S. Supreme Court.
- The Canadian Grain Commission reported on Thursday that total grain exports for the week ended May 25 tallied 931,300 tonnes. That’s down from the previous week’s 1.14 million tonnes. With 10 weeks left in the 2024/25 marketing year, cumulative grain exports reached 42.89 million tonnes compared to 35.77 million a year ago.
- The U.S. Department of Agriculture issued its export sales report on Friday, postponed due to Monday’s holiday. Old crop wheat had net sales reductions of nearly 129,000 tonnes but more than 711,000 tonnes of new crop sales. Corn exports sale included almost 917,000 tonnes of old crop and 31,000 of new crop. Old crops soybeans came in at 146,000 tonnes and about 33,000 of new crop.
