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Global Markets: G20 video conference to discuss COVID-19 pandemic

Soy crushers struggle with delays

By MarketsFarm

WINNIPEG, March 26 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– There will be a video conference among G20 leaders on Thursday to discuss the COVID-19 pandemic. The world leaders, including Canadian Prime Minister Justin Trudeau, are expected to talk about co-ordinating efforts to stem the spread of COVID-19 and its impact on the global economy. Canada’s Parliament quickly passed legislation yesterday for C$52 billion in financial aid and C$55 billion in tax deferrals.

– The soybean crushers in China continue to deal with shipping delays caused by the pandemic. China is the world’s top importer of soybeans and most often imports from Brazil and Argentina at this time of year, as those countries’ harvests largely have been completed. Not only have there been delays in getting soybeans to South American ports, restrictions at the ports have caused loading delays. China’s soybean inventories fell to approximately 3.32 million tonnes, and soymeal inventories to about 325,700 tonnes, which are 10-year lows.

– The G7 foreign ministers’ video conference yesterday turned sour because of a stipulation reportedly made by United States Secretary of State Mike Pompeo. The Trump hard-liner insisted the COVID-19 coronavirus be referred to as the “Wuhan virus” in the final communique, according to a media report. Pompeo was said to have argued that China failed to warn the world about the danger the coronavirus posed when it first surfaced. The World Health Organization said viruses are not to be named after cities or countries as stated by international guidelines.

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