11/17/2024 Sunday Market Preview

Political headlines continued to dominate the weekend news cycle as fresh developments were limited in other areas. President Trump selected oil-fracking company CEO Chris Wright to be the Secretary of Energy. Conflict in the Middle East was heating up at the end of the week with reports about Israel destroying an Iranian nuclear facility, but then it looked evident that Iran was backing down from its recent promise of attack, instead supporting Lebanon to work toward a ceasefire agreement with Israel. Grain futures may face early selling pressure if crude oil kicks off the week softer like it has so often lately. In the Headlines The edible oil markets attracted extra attention again last week as reactions to both the Trump EPA head selection and the Senate leader election were considered for their future influences on biofuels policy. Soy oil futures were correcting lower along with palm oil before both markets closed better on Friday. Indonesia’s government confirmed that it would implement a biodiesel program requiring palm oil blends of at least 40 percent. It also helped soy and palm oil that Chinese government officials confirmed plans to remove tax subsidies granted to exporters of used cooking oils. Traders were…