By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Israel and Iran continued to attack each other through late Tuesday and early Wednesday, as the United States moved to step up its presence in the Middle East. Also, U.S. President Donald Trump called for the “unconditional surrender” of Iran. The latter’s supreme leader, Ayatollah Ali Khamenei responding “any American intervention would a recipe for an all-out war in the region.” Trump ordered U.S. naval and air force assets to be deployed to or near the Middle East. The spectre of possible direct U.S. involvement in the conflict pushed crude oil prices higher.
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- The U.S. Federal Reserve will announce its latest interest rate move on Wednesday at 1 p.m. CDT. The markets expect the Fed to hold interest rates for a fourth consecutive time this year. Reports said Fed chair Jerome Powell wants to stand pat until the economic impact from the Trump administration’s tariffs is clearer.
- The U.S. Department of Agriculture attaché in New Delhi forecast India’s 2025/26 wheat crop to increase to 117.5 million tonnes, up from 113.29 in 2024/25. The attaché attributed the increase to above-normal precipitation from the 2025 monsoon season. India’s wheat ending stocks are expected to jump to 16.7 million tonnes in 2025/25 from 11.8 million last year, and more than double of those in 2023/24.
- The Australian Bureau of Agricultural and Resource Economics and Sciences projected a six per cent drop in the country’s canola production in 2025/26, bringing it to 5.7 million tonnes. ABARES said producers are switching from canola to barley and lower canola yields are expected.
