By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- United States President Donald Trump left the G7 summit Monday night, returning to Washington to deal with the escalating war between Iran and Israel. A joint communique from the G7 called for the de-escalation of latest Middle East conflict, while reaffirming Israel’s right to defend itself and recognizing Iran as “the principal source of regional instability and terror.” Canadian Prime Minister Mark Carney thanked Trump for his presence at this year’s summit in Kananaskis, Alta. which wraps up on Tuesday.
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- Israel continued to pound Iran on Monday night, claiming a strike killed the new commander of the Revolutionary Guard. Israel also targeted Iranian military facilities and its nuclear program, including an underground centrifuge hall. However, Israel has not targeted Iran’s uranium enrichment facility deep inside a mountain near Qom.
- The International Energy Agency said on Tuesday that global oil demand will continue to increase until it peaks in 2029. By then demand is projected to reach 105.6 million barrels per day despite that from China is expected to peak in 2027. The IEA estimated world production capacity will expand to 114.7 million BPD by 2030.
- The U.S. Department of Agriculture reported on Monday that domestic crop ratings for the week ended June 15 saw corn nudge up one point at 72 per cent good to excellent, with spring wheat up three points at 57 per cent. Soybeans dipped two points at 76 per cent good to excellent and winter wheat slipped two points at 52 per cent. The winter wheat harvest advanced six points to 10 per cent complete, six points behind the five-year average and 15 back of this time last year.
