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

• There were steep declines in crude oil prices on Wednesday, with the possibility of the Middle East war de-escalating. With Pakistan acting as an intermediary, United States President Donald Trump offered a 15-point ceasefire plan. However, Iran continued to deny such negotiations have been going on with the U.S. Meanwhile, Iran and Israel again traded overnight air strikes.

• Canadian Energy Minister Tim Hodgson is at S&P’s CERAWeek energy conference in Houston, where he said Canada wants to become an energy superpower. While Hodgson’s remarks on Monday were welcomed by oil industry executives, they also said Canada has a poor track record when it comes to actually expanding its exports of oil and natural gas.   

• On Tuesday, the Philippines became the first country to declare an energy emergency as local gasoline and diesel prices have more than doubled since the start of the Middle East war. The Philippines imports 98 per cent of its oil from the Persian Gulf region. President Ferdinand Marcos Jr. said the country will acquire one million barrels of oil from elsewhere to add to its 45-day stock.

• Trade relations between China and Mexico turned sour on Wednesday. The Chinese Ministry of Commerce criticized Mexico’s move to impose a 50 per cent tariff come Jan. 1 on imports of from China and other countries that don’t have a free trade agreement with Mexico. While China called the levies a breach of trade rules, Mexico said it took the action to protect 350,000 jobs.  

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

• Crude oil resumed tracking higher on Tuesday, following Monday’s sharp declines, as Israel and Iran traded blows overnight. Brent crude pushed above US$100 per barrel while West Texas Intermediate was in the low US$90 per barrel area. The attacks came after United States President Donald Trump claimed he spoke with Iranian officials over the weekend about seeking an end to the conflict.

• Farmers in the U.S. and Canada continued to face steep price hikes and shortages for nitrogen-based fertilizers, reports said Tuesday. The ongoing backlog of vessels in the Strait of Hormuz has put a strain on fertilizer production, as a third of the world’s supply comes from the Persian Gulf region. The situation is further compounded by steep increases in diesel fuel just as spring seeding is about to get underway.

• Farmland values in Canada increased 9.3 per cent in 2025, Farm Credit Canada reported on Tuesday. The strongest gains came across the Prairies, led by Manitoba with a gain of 12.2 per cent, followed by Alberta at 11.4 per cent and Saskatchewan at 9.4 per cent. British Columbia was the only province to see a decline, with farmland values down 1.7 per cent after rising 11.3 per cent in 2024.

• Tensions between China and Japan were increasing on Tuesday as the Japanese government said it will downgrade its relationship with Beijing. This came after Tokyo released its diplomatic bluebook that outlines Japan’s foreign policy for the coming year. Taiwan’s independence appeared to be at the heart of the downgrade as Japanese Prime Minister Sanae Takaichi suggested the country’s military could be deployed to defend Taiwan.

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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 lower and the stock markets were stronger on Monday, as United States President Donald Trump said on Truth Social there were “productive conversations” between the U.S. and Iran over the weekend. However, the Iranian foreign ministry said there was “no dialogue” with the U.S., but state media announced there were efforts by Iran to “reduce tensions” with other Persian Gulf countries. Trump added that he will now hold off on attacking Iranian power and energy facilities until Friday.

• At the Supreme Court of Canada, Monday will mark the first day of hearings regarding Quebec’s seven-year-old Bill 21, which prohibits the wearing of religious symbols by public sector employees in positions of authority. The challenge to Bill 21, led by the English Montreal School Board, is centred on the Quebec government’s use of the notwithstanding clause being valid or not. The matter is expected to be heard by the Supreme Court over the next four days.

• France’s Socialist Party and its allies made gains in local elections on Sunday, holding on to power in Paris, Marseille, Lyon and Lille, while the far-right National Rally scored a big win in taking Nice. Reports said key to the Socialists’ victories was distancing themselves from the far-left France Unbowed, which has been embroiled in controversy regarding the murder of a far-right activist. The weekend elections are seen as a momentum builder for next year’s presidential election.

• The U.S. Department of Agriculture announced on Monday two private sales to Mexico. One is for 102,000 tonnes of old crop corn and the other is for 161,120 tonnes of old crop soybeans. Later this morning, the USDA will release its export inspections report for the week ended March 19.

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     – Statistics Canada reported on Friday that retail sales in January were up 1.1 per cent month-to-month at C$70.7 billion, driven by sales of motor vehicles and parts. Six of nine subsectors saw their sales rise during the month, with motor vehicles and parts seeing the largest increase at two per cent. Core retail sales, which exclude motor vehicles and parts as well as gas stations and fuel vendors, were up 0.9 per cent. StatCan also published a preliminary estimate for February at a gain of 0.9 per cent.

     – The Mina al-Ahmadi oil refinery in Kuwait was struck by Iranian drones on Friday, which had already been damaged by a previous attack. Meanwhile, Iranian air defences intercepted strikes from Israel as residents celebrated Nowruz, the Persian New Year. Newly-appointed Supreme Leader Ayatollah Mojtaba Khamenei said in a statement that Iran’s enemies “need to have their security taken away.” Iran’s Revolutionary Guard also disputed Israel’s claim that the former cannot produce more ballistic missiles. Canada signed on to a statement published by six other countries saying they will help secure the Strait of Hormuz to allow commercial shipments to transit safely. However, the statement did not say how they will do that.

     – A Reuters/Ipsos poll found that 55 per cent of respondents in the United States were at least somewhat affected financially by rising energy prices due to the war. Also, 21 per cent said rising prices affected them “a great deal”. Meanwhile, 87 per cent believe gas prices will continue to rise and 63 per cent disapprove of President Donald Trump’s handling of the cost of living.

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