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Manitoba Agriculture Applauds Successful Effort to Conclude CPTPP Negotiations

 
Manitoba's Agriculture Minister applauds the efforts of those involved in the successful conclusion of efforts aimed at creating a new Trans-Pacific free trade agreement.
 
On Tuesday the 11 nations participating in negotiations aimed at creating a Trans-Pacific free trade agreement announced a deal had been struck and will be officially signed in early March.
 
Ralph Eichler, Manitoba's Minister of Agriculture, says Manitoba sees the Comprehensive Progressive Trans-Pacific Partnership as a substantial benefit for Canada and for Manitoba even without the U.S. participating.
 
Ralph Eichler-Agriculture Minister Manitoba:
 
The CPTPP countries represent a market of about 494 million people, a combined GDP of 10.2 trillion and close to 13.6 of the world economy so successful implementation of the CPTPP with Canada as a founding signatory is vital to Manitoba.
 
As you know, for Agriculture in particular, it gives us access to the Japanese market which is key for beef, pork, canola oil and wheat.
 
Japan is our largest customer when it  comes to our Manitoba pork which is strong.
In 2016 46 percent of Manitoba pork exports, worth 425 million went to Japan alone.
This is a huge step for us, we're excited about this opportunity and looking to expand our markets even more as a result of this agreement.
 
Source : Farmscape

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Markets Continue to Chase Chinese Trade Headlines

Video: Markets Continue to Chase Chinese Trade Headlines


The U.S./China trade war has escalated after Trump threatened to slap 100% Tariff on China by Nov. 1 after China placed some export restrictions on rare earth minerals.
But Trump overstepped/overreacted but the meeting with Xi at the end of the month was still on even after Trump threatened China with an embargo on used cooking oil. The U.S./China were going to meet and talk about trade issues today ahead of the meeting with Xi/Trump in South Korea.
Despite the increased tensions and noise both the corn and soybean futures held support at $4.10 and $10 with a corrective bounce higher on news that U.S. corn yields are a concern.
U.S. soybean prices are $0.90 to $1.50 cheaper than Brazil.
News that China was willing to remove the tariffs on Canada if Canada would lift the 100% levies on Chinese EV vehicles sent funds short covering in canola futures. Canadian and Chinese met on Friday to discuss ag issues like canola and meat.
Stocks fell on the increased rise in tensions with the U.S./China and concerns over bad regional loans, but investors shake off the news on strong Q3 earnings from the big U.S. banks.
Wheat continued to trade to new 5-year lows while cattle were breaking out to new record highs as Trump was working his magic on lower U.S. beef prices.
U.S. crude oil continued its trend lower as did Bitcoin.