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Canada prepares for possible retaliation over COOL

Canada prepares for possible retaliation over COOL

Ag Minister releases list of U.S. products which could face retaliatory tariffs

By Amanda Brodhagen, Farms.com

Federal agriculture minister Gerry Ritz released a list of U.S. products Friday which could face retaliatory tariffs from Canada, unless the United States resolves the dispute over the country of origin labeling also known as COOL. But the retaliation actions aren’t expected to take place anytime soon, says Ritz, noting that actions could be 18 to 24 months away.

The Canadian government says COOL has costs beef and pork producers close to 1 billion in losses. In a joint statement with Minister of International Trade Ed Fast, Ritz said, “despite consistent rulings by the World Trade Organization, the U.S. government continues its unfair trade practices, which are severely damaging to Canadian industry and jobs.”

Releasing the U.S. product list marks the next phase of the WTO resolution process. The U.S. failed to comply with a May 23 deadline set by the trade body to meet trade rules, after Canada and Mexico filed a complaint with the WTO arguing that U.S. labeling rules were discriminatory.

Canadian authorities say they will not retaliate until the WTO gives them authorization to do so.


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Will the 2025 USDA December Crop Report Be a Market Mover/Surprise?

Video: Will the 2025 USDA December Crop Report Be a Market Mover/Surprise?


Historically, the USDA December crop report is a non-event or another dud report as the USDA reserves any final supply changes to the final report in January of the following year in this case 2026. But after the longest U.S. government shutdown in history at 43 days and no October crop report will they provide more data/surprise and make an exception?
Our China U.S. soybean purchase tracker is now at 26.6% or a total of 3.2 mmt but for traders it’s taking too long to unfold.
The final Stats Canada production report was bearish canola and wheat projection a record crop in both (it adds to the global glut of supplies) and bullish local corn and soybean prices in Ontario/Quebec thanks to a drought. It will not help the fund flow short-term, the USDA may need to offset it?
A U.S. Fed interest rate cut of another 25-basis point next Wednesday (probability 87.1%) could help fund flow and sentiment in stock and ag commodities into year end.
More inflows into Bitcoin this past week saw prices rebound back above 90,000 with support at 82,000 and resistance at 96,000.
A V-shaped bottom in cattle suggest the lows are in after Mexico reported another new world screwworm case. Lower weights, seasonal demand and higher U.S. beef select/choice values with a continued closure of the Mexican border to cattle will result in a resumption of higher cattle futures into yearend.
Australia is expected to produce its 3rd largest wheat crop ever at 36 mmt adding to the global glut of supplies.
Reports of ASF in hogs in Spain the largest pork exporter in Europe could see the U.S. win more pork export business long-term.
If the rains verify into next week of 3-5 inches for Brazil it would go a long way to fixing the dry regions from the last 2-months, but the European weather model has been wrong for the past 2-months!
Natural gas futures are surging to the 3rd price count as frigid hold temps set in.
CDN $ is also surging to end the week on a very resilient economy and better employment numbers suggesting no interest rate cuts next week.
Finally, the CFTC report showed funds were net buyers of soybeans but sellers of corn, canola and wheat. In real time the funds have gone back to selling as they take some profits.