04/14/2024 Sunday Market Preview

Grains have support to follow through on a firm close from Friday. Traders will again be looking for guidance from oil and the outside financial markets. In the Headlines May corn futures gained 1 1/4 cents last week, with nearby beans down 11. May Chicago wheat was down 11 1/4 cents while May Kansas City wheat gained 7 1/2. April cattle was up 65 cents and May feeders fell by $3.97. April hogs were up $1.55 for the week. Iran launched missile attacks on Israel over the weekend in response to Israel’s recent strike on the Iranian consulate in Syria. The Israeli military reportedly intercepted 99 percent of the missile offensive. Iranian officials indicated that there would be no further operations, which may be a point of relief for the market. Oil futures traded up to a six-month high in anticipation of the conflict, with the nearby WTI crude contract finishing the week at $85.45. Kansas City wheat futures were seen briefly taking on a leadership role last week as doubts crept in about conditions for hard red wheat in the Southern Plains. Drought was expanding again throughout the region after some of the crop had recently been threatened with…