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Global Markets: Snow, rain to sweep across Prairies

WINNIPEG, Oct. 7 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– More snow has been forecast to hit Alberta on Monday and Tuesday, with the system also set to bring precipitation to Saskatchewan and Manitoba as the week progresses. Temperatures in Alberta are expected to fall by 15 Celsius to freezing conditions. The province is recovering from an early dump of snow that brought the fall harvest to standstill in the southern and central regions. Later in the week when the system hits Manitoba, that province is also forecast to receive precipitation from a Colorado Low. The wet conditions across the Prairies will hurt the quality of grain still to come off the fields.

– The United States/Japan trade deal will leave some U.S. farmers happy and others displeased. Although U.S. President Donald Trump deemed the new agreement to be a “phenomenal” victory for his country’s farmers, it likely won’t be a boon for dairy producers, according to a report. Butter was among several dairy products that were excluded from the deal. However, U.S. beef producers could be big winners as the trade agreement will see tariffs on U.S. beef drop from 38.5 per cent to nine per cent by 2033. Also, U.S. pork producers and wheat farmers were also said to be in line to benefit.

– China’s national oil company withdrew from a US$5 billion deal to assist Iran in further developing its massive offshore natural gas fields. The Iranian oil minister made the announcement on Monday, but didn’t elaborate as to why the deal fell apart. Reports stated U.S. sanctions against Iran led to its demise and suggested it may be tied to U.S./China trade talks that resume this week. The U.S. imposed economic sanctions on Iran after the former pulled out of a multi-lateral agreement on the latter’s nuclear program.

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