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Global Markets: Groups continue to assess USMCA

By Commodity News Service

Oct. 2 (CNS Canada) — The following is a glance at the news moving markets in Canada and globally.

– Business and agricultural groups continue to study the potential effects of the new United States-Mexico-Canada Agreement. While western grain, cattle and hog organizations generally came out in favour of the last-minute trade agreement, the dairy industry especially expressed anger. Dairy Farmers of Canada President Pierre Lampron said the Canadian government had sacrificed domestic dairy production. Under the USMCA, U.S. dairy products will gain 3.59 per cent more market access to Canada. Canada also agreed to give up its special Class 7 milk pricing. Poultry was also affected with the deal allowing 12 million more kilograms of chicken imports.

– The right-leaning Coalition Avenir Quebec has won a majority government in Quebec elections held yesterday. The CAQ is a coalition of federalists and former separatists. It won 74 seats to the Liberals 32, 10 for the Quebec solidaire and 9 for the Parti Quebecois. The CAQ ran on a platform of cutting taxes and reducing immigration while also restoring funding to some social programs such as universal day care.

– Royal Dutch Shell has announced a multi-billion plan to invest in liquefied natural gas in Western Canada. Shell and its partners plan to lay down the quickest natural gas route from Western Canada to China. Shell, Petroliam Nasional, Mitsubishi, PetroChina and Korea Gas have confirmed the investment worth C$40 billion.

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