Highlights
There has been no official statement from the Chinese government about the rumored coup. China's social media accounts show it is a normal Monday ahead of the party's five-yearly congress which is set to begin on October 16 where Jinping is poised to secure a historic third term that will cement his place as China's most powerful leader since Mao Zedong. India appears to be the source of most of the news about China’s president being removed from office.
Wayne Bacon is President of Hammersmith Marketing LTD, has worked since the early 1980s in the world grain trade and frequently with the US Grain Council. His market comments this weekend were:
Reading the trade reports at the end of the week the feeling seems to be that the drop in prices on Friday for most commodities was due more to economic worries than to any crop situation. The very strong US dollar has also made US grains/oilseeds more expensive in export markets which will help to push prices lower for competitive reasons.
The corn harvest in the US is moving along quite nicely and this should put some downward pressure on corn prices. Corn experts have said that pre-harvest corn prices in the US are at the highest levels seen in almost 10 years, but no one seems to be calling for a sudden drop in corn prices.