By Glen Hallick
Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Statistics Canada said on Friday that June retail sales improved 1.5 per cent at $70.2 billion, with gains in all nine subsectors. Food and beverage retail sales led with an increase of 2.3 per cent. Of the retailers surveyed, 27 per cent said they were impacted by U.S. tariffs, down five points from May. The most common impacts were said to price increases, changes in demand and supply chain issues. In StatCan’s preliminary estimate for July retail sales, the agency predicted a 0.8 per cent decline.
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- Canadian Prime Minister Mark Carney spoke by phone with United States President Donald Trump on Thursday. The Prime Minister’s Office said the two leaders “discussed current trade challenges, opportunities and shared priorities.” Also, the PMO said Carney suggested a new economic and security relationship between Canada and the U.S. As well yesterday, Canadian Foreign Minister Anita Anand met in Washington with Secretary of State Mark Rubio.
- Jerome Powell, the chair of the U.S. Federal Reserve will give his keynote address to at Jackson Hole economic forum on Friday. As Powell faces pressure from President Donald Trump for a rate cut, U.S. inflation has continued to only remain above the Fed’s two per cent target but that will likely increase due to the Trump administration’s array of tariffs. Powell is set to speak at 9 a.m. CDT.
- Day four of the Pro Farmer Crop Tour made sharp increases in corn and soybean estimates in Minnesota, while those for the Iowa were modestly higher. The tour pegged Minnesota corn yields at 202.86 bushels per acre, rising 23 per cent from last year. Corn yield in Iowa were at 198.43, up 2.9 per cent. The soybean pod counts saw those in Minnesota jump 20.4 per cent at 1,247.96 per square yard. In Iowa, the count came to 1,384.38, rising 5.5 per cent.
- StatCan reported on Friday that cattle and sheep inventories are higher than a year ago, while that for hogs is down. As of July 1, there were 11.9 million cattle and calves, up 0.8 per cent and sheep increased one per cent at one million. Hogs fell 1.3 per cent at 13.8 million.
