Chinese President Xi Jinping said Beijing is willing to work with the U.S. to find ways to get along to the benefit of both countries. But Xi’s comments don’t match those he made immediately after securing a precedent-breaking third term as China’s leader. Some China watchers fear the softer tone is a disguise as Beijing strategizes its longer-term plan to become the world’s most powerful country. The deadline for Ukraine’s grain export deal is now less than a month away and Russia continues to signal sanctions against its exports need to be eased for an extension to happen. In addition, wheat crops in Argentina and the Australia are faced with late-season weather issues, while drought continues to expand in U.S. winter wheat areas. While grain traders are worried about global supply concerns, the economic focus is on whether the Fed (and other central banks) will begin to ease the pace of interest rate hikes amid economic growth concerns. We cover all of these items and much more in this week’s newsletter, which you can download here.
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