08/25/2024 Sunday Market Preview

Grains are called slightly softer as Chicago wheat leads with a test of downside support at $5. Ag markets are likely to look for more guidance from how the energy space opens as well as how the dollar acts at the start of the week. In the Headlines December corn futures lost 1 1/2 cents last week. November beans rebounded by 16 cents. December Chicago wheat futures dropped 24 1/2 cents and Dec KC wheat futures were down 20 cents. October live cattle closed the week down $2.60 while Oct feeders were down $1.57. October lean hogs were up $5.47 for a second straight up-week. Iran-backed Hezbollah fighters attempted to launch a wide scale drone attack against Israel over the weekend, but the offensive was largely thwarted by Israel’s Iron Dome air-defense system. While the development shows risk of the Middle East conflict expanding, it was also deemed by observers to be a weak response by Iran that does not diminish the potential for Israel to agree to a ceasefire with Hamas in Gaza. There is a clear political influence evident in the market following the Democratic National Convention in Chicago last week and during an accelerating window of campaigning…