11/05/2023 Sunday Market Preview

Grains look to open steady to slightly softer as fresh news remains limited. Traders await the Thursday crop report to see what changes are made for yields. A close eye will stay watchful for any daily export sales announcements that would confirm rumors of bigger buying interest from China. Commodity prices could perk up quickly if the dollar continues to drop this week. In the Headlines The Dow Jones, S&P 500, and Nasdaq stock indexes posted their best rally of the year last week. Investors were pleased to see the Federal Reserve meeting wrap up without any surprises before a softer than expected jobs report was thought to help decrease the likelihood of another interest rate hike. Stronger stocks joined a weaker dollar to create a more supportive environment for commodities. The U.S. dollar index dropped almost 2 percent from its Wednesday high. Oil prices were weaker on Friday despite the continued escalation of war in the Middle East. Crude futures were back down to about where they were trading when the conflict first broke out in early October. Risk premium may be quick to re-enter the market now that Iran-backed Hezbollah has threated more attacks on Israel from its…