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Global Markets: Canadian farmers seed record canola, soybeans

By Commodity News Service Canada

June 29 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Canadian producers report seeding record acres in canola and soybeans in 2017, according to Statistics Canada. Farmers reported seeding 22.8 million acres of canola this spring, up 12.1 per cent from last year. They reported seeding 7.3 million acres of soybeans, up 33.2 per cent from 2016.

– Statistics Canada is reporting average weekly earnings on non-farm payroll employees grew in six out of 10 of the largest industrial sectors in April, compared to the same month a year ago. Wholesale employees posted the biggest rise in earnings, up 5.2 per cent to C$1,219. The largest increases came in wholesalers of machinery, equipment and supplies. The other leading sectors were administrative and support services, health care and social assistance, manufacturing, public administration, and educational services.

– Travel restrictions to the United States for visa applicants from six mainly Muslim countries take effect today. New applicants from Syria, Sudan, Somalia, Libya, Iran and Yemen need to show a relationship with a relative already in the U.S. to be eligible.

– China is celebrating its 20th anniversary of regaining control over Hong Kong from the United Kingdom. Chinese President Xi Jinpig is visiting Hong Kong until Saturday. Pro-democracy protests were held before Xi’s arrival and were expected to continue.

– Financial institutions in the United States received approval from the Federal Reserve to allow increased dividend payouts and share buybacks, following the Fed’s latest “stress test” yesterday. It marks the first time since the 2008 financial crisis that all companies received passing grades in the tests, designed to determine if the institutions are strong enough to survive another financial crisis.

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