08/04/2024 Sunday market Preview

Grains are called slightly firmer on the open to extend the re-positioning bounce from Friday. Sentiment could change quickly if the evening forecast flips any wetter and cooler. Traders are also going to want to see the tone of stocks and the dollar after the big break down to finish last week. In the Headlines September corn futures lost 8 cents last week. November beans were down 21 1/4 over the last five sessions. September Chicago wheat futures bounced 15 1/2 cents. Sep KC wheat futures were up 14 1/4 cents. August live cattle closed the week lower by $4.47 while August feeders were down $10.05. August lean hogs were down $1.27 for the week. Grains were supported on Friday by a mix of fresh buying from capital rotating in from weaker outside markets and short-covering from hedge funds that wanted to move their profits into cash. A sharp move down for the dollar index also helped grains. There was more nervousness over the economy following a weak jobs report. Corporate earnings had also been leaning disappointing and were cause for concern about consumer demand. The Nasdaq entered “corrective” territory after falling more than 10 percent from its recent high…