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07/21/2024 Sunday Market Preview

By The Commstock Report
Grains are called steady to slightly firmer at the open. Traders will monitor the forecasts while waiting for the Crop Progress report and the various updates on demand. In the Headlines September corn futures fell 9 1/2 cents last week. August beans were down 7 3/4. September Chicago wheat futures dropped 4 3/4 cents. Sep KC wheat futures were up 2 1/4 cents. August live cattle closed the week up 72 cents while August feeders were down $3.05. August lean hogs were up $3.12 for the week. Weak economic data from China spooked the stock market at the end of last week, but the major indexes are not far from fresh all-time highs. Stocks will be tested by the ongoing corporate earnings season that features reports this week from companies including Google, Tesla, UPS, General Electric, Ford, General Motors, and Union Pacific. The personal consumption expenditure report will also be issued on Friday morning to provide what is known as the Federal Reserve Bank's "preferred" measure of inflation. The rate is expected down slightly on the month to an annualized 2.5 percent. Stocks and other financial markets were also made nervous by the cyber outage at the end of the…
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07/14/2024 Sunday Market Preview

By The Commstock Report
Grains are called steady to slightly firmer at the open. Traders will have a full session to continue digesting the crop reports from Friday. In the Headlines September corn futures fell 8 1/2 cents last week. August beans were down 61 1/4. September Chicago wheat futures dropped 21 1/2 cents. Sep KC wheat futures were lower by 31 1/4 cents. August live cattle closed the week down by $4.05 while August feeders were down $2.82. August lean hogs were down 72 cents. Traders were preparing to react to the weekend news about the assassination attempt against President Trump, with markets expected to price in higher odds of a Trump election win while also reflecting elevated global security risks. The dollar fell sharply against the Japanese yen last week following data on U.S. inflation that made investors more confident that the Federal Reserve will cut interest rates in September. Japanese policymakers saw the shift in U.S. interest rate expectations and jumped in to buy the yen, spending an estimated $20 billion. The yen was previously trading at an almost four-decade low against the dollar. A stronger yen/weaker dollar relationship could support U.S. grain export potential. Japan has already imported about 43…
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07/07/2024

By The Commstock Report
Grains look to follow through on a strong finish last week, with activity likely to increase this week following Monday releases of the Crop Progress report and traders positions data, and leading into the Friday crop production and WASDE reports. In the Headlines September corn futures held onto a gain of 3 cents last week. August beans were up 32 3/4. September Chicago wheat futures were up 17 cents. Sep KC wheat futures were higher by 12 3/4 cents. August live cattle closed the week higher by $1 while August feeders were up $2.17. August lean hogs were down 32 cents. The short holiday week was very lightly traded. Friday's total corn volume was about 230,000 contracts versus almost 862,000 contracts traded on the June 28 report day. This week's volume should grow approaching the next crop report coming on Friday. Open interest has been relatively flat over the last month or so while it is being watched for what changes in open interest say about items like the attitude of the speculator and the flows of farmer selling. July 12 will feature the next crop production and WASDE reports. The crop production update will provide new yield estimates for…
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06/30/2024 Sunday Market Preview

By The Commstock Report
Grains look to open steady to slightly higher as various points of technical support are tested. A mostly wetter forecast threatens flooded areas in the West but provides needed moisture elsewhere. It is a short holiday week with markets closed for Independence Day on Thursday. In the Headlines December corn futures lost 32 1/2 cents last week. November beans were lower by 16. September Chicago wheat futures were down for a fifth straight week after losing 2 1/4 cents.  Sep KC wheat futures were down just 3/4 cent. August live cattle closed the week higher by $2.27 while August feeders were up 92 cents. August lean hogs were up 17 cents. Just more than half of the weekly loss for corn came on Friday following another bearish surprise from the USDA. Corn stocks were about 2.5 percent higher than the average trade guess and acres were a little more than 1 percent higher. Soybean stocks were just marginally higher than expected while acres were about 650,000 lower than the average trade guess. There was a lot left open to uncertainty since there were 3.36 million corn acres and 12.77 million soybean acres estimated to be left unplanted when the survey…
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