By Glen Hallick
Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- In the latest military strikes in the Middle East on Tuesday, Iranian drones hit the United States Embassy in Riyadh as well as several U.S. military bases in the Gulf region. Also, U.S. and Israel continued their attacks on Iranian targets. U.S. President Donald Trump posted on Truth Social that “Their air defence, Air Force, Navy, and Leadership is gone. They want to talk. I said ‘Too Late!’”
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Global Markets: Oil jumps with new Middle East conflict
By Glen Hallick Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada…
- Canadian Energy Minister Tim Hodgson said on Monday that he has been contacted by other countries asking about purchasing Canadian crude oil and gas. The latest conflict in the Middle East has closed the Strait of Hormuz and Iran has attacked oil facilities in other Gulf states. While not identifying the countries, Hodgson made the comment at the Prospectors and Developers Association of Canada conference in Toronto.
- Conab reported on Tuesday that the Brazil soybean harvest was almost 42 per cent complete, three points ahead of the five-year average. Conab also said Brazil’s first corn harvest was about 25 per cent finished, two points ahead of the average pace. The planting of the second corn crop was 65 per cent done, about eight points ahead of the average.
- The U.S. January soybean crush took in 228 million bushels, a new record for the month, the Department of Agriculture said in its fat and oils report on Monday. That exceeded the previous January’s crush of 213 million bushels and topped trade expectations of 226.30 million. In the USDA grain crush report yesterday, 460.95 million bushels of corn were used for ethanol production, short of predictions of 483 million.
