08/18/2024 Sunday Market Preview

Grains are called steady to slightly higher on a technical rebound attempt. Stock futures are expected to start on solid footing while commodity traders look out for any big moves coming from oil and/or the dollar. In the Headlines December corn futures lost 2 1/2 cents last week. November beans were down 45 1/2 over the last five sessions. December Chicago wheat futures dropped 13 1/4 cents. Dec KC wheat futures were down 15 1/2 cents. August live cattle closed the week down $1.45 while August feeders were down $3.72. October lean hogs were up $1.10 for the week. The Pro Farmer Crop Tour takes place this week, kicking off in both South Dakota and Ohio with participants moving in toward a final meet-up in Minnesota. National yield predictions will be expected on Friday. Last year’s results ended up at 172 bushels per acre for corn (177.3 final USDA) and 49.7 bpa for soybeans (50.6 USDA). Several other private sources will also be expected to refresh their yield views over the next two weeks. All new yield forecasts will be compared to USDA August estimates calling for corn at 183.1 bpa and soybeans at 53.2. The central bank meets for…