Global Markets: Carney, Trump meeting ahead of G7 start

By Glen Hallick

Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

• Just prior to Monday’s kickoff of the G7 summit in Kananaskis, Alta, Canadian Prime Minister Mark Carney will meet with United States President Donald Trump. Amid reports of draft trade deals going back and forth between Ottawa and Washington, D.C., Carney is hoping to reach an agreement with Trump regarding cross-border trade and mutual security. The Russia-Ukraine war was to have been the main topic of discussion, but that suddenly changed to Israel and Iran.

• The latter two countries continued their attacks on each other through the weekend and into Monday. Israel launched a series of strikes on Friday, directed at Iranian nuclear facilities and the program’s leadership. Reports said Iran launched more than 370 missiles and hundreds of drones at Israel. The latter stated 24 people were killed and over 500 were injured since Friday. In Iran, more than 220 people are said to have been killed.

• Soyoil continued to spike on Monday after the Chicago Board of Trade raised the commodity’s daily limit to 4.5 cents per pound. Soyoil surged on Friday after the U.S. Environmental Protection Agency announced its proposal to increase the biomass-based diesel limit to 5.61 billion gallons in 2026 and 5.86 billion in 2027.

• The U.S. National Oilseed Processors Association is scheduled to issue its May report on Monday. The average trade guess pegged the soybean crush at 193.52 million bushels.

• Russia is to remain the world’s largest wheat exporter, the Food and Agriculture Organization at the United Nations said. Last week, the FAO placed Russian wheat exports for 2024/25 at 42.6 million tonnes and those for 2025/26 are projected to reach 46.5 million.