Glacier FarmMedia – The following is a glance at the news moving markets in Canada and globally.
– Canada will resume negotiations towards a new free-trade agreement with the South American Mercosur bloc, Canada and Brazil announced on Monday in Brasilia. The bloc, which consists of Brazil, Argentina, Uruguay and Paraguay, is a major exporter of beef, soybeans and minerals. Canada showed interest in restarting talks last month as part of a push to diversify trade away from the United States. Chief negotiators will meet in October prior to the restart of talks that ended in 2021.
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– The Ag Transport Coalition reported on Monday that both Canadian National and Canadian Pacific Kansas City improved on grain order fulfillment performance during Week 2 of the new crop year. CN supplied 98 per cent of cars ordered by shippers during the week, up from 91 per cent in Week 1. Meanwhile, CPKC supplied 100 per cent of its orders compared to 98 per cent the week before. It was the 13th consecutive week that the entire system’s performance was above 90 per cent.
– United States President Donald Trump said on Monday he is firing Federal Reserve governor Lisa Cook in another challenge to the central bank’s independence. Bill Pulte, a Trump appointee to the agency, accused Cook last week of committing mortgage fraud, though she faces no existing civil or criminal action. He said Cook claimed two primary residences in 2021 to get better mortgage terms. Cook said she will not resign, claiming there is no cause for her termination and that Trump does not have the authority to fire her. Trump previously threatened to fire Fed chair Jerome Powell earlier this year.
