08/11/2024 Sunday Market Preview

Grains are called steady on a quiet open that has traders waiting to judge the tone of outside financial markets and settling in to see the August crop report. In the Headlines September corn futures lost 9 3/4 cents last week. November beans were down 24 3/4 over the last five sessions. September Chicago wheat futures gained 3 1/2 cents. Sep KC wheat futures were down 5 3/4 cents. August live cattle closed the week steady while August feeders were down $10.05. August lean hogs were down $3.15 for the week. Export sales announcements were flashed on Friday morning to follow up rumors earlier in the week about Chinese buying. The trade activity did not rile up much enthusiasm for grain prices, even though it confirmed the price advantage that has opened up for U.S. exporters. A weakening dollar against the Japanese yen and Chinese yuan has the potential to boost additional export interest going forward. Trade groups have petitioned the U.S. government for help with railroad service issues being faced by exporters shipping grain to Mexico. The USDA Transportation Report cites Mexico having “insufficient rail capacity to meet demand.” There have also been problems in the past with rail…