09/22/2024 Sunday Market Preveiw

Grains look to open a touch on the defensive after a mostly weak finish last week. An upside turnaround could be encouraged by the energy market, if crude oil rallies following intense fighting in the Middle East this weekend. In the Headlines December corn futures were down 11 1/2 cents last week. November beans held a gain of 5 3/4. December Chicago wheat futures dropped 26 1/4 cents and Dec KC wheat futures were down 36 cents. October live cattle were up $4.82 while Oct feeders climbed $4.77. October lean hogs were up $3.77 last week. Israel took its fight to Lebanon over the weekend and launched major air strikes over Beirut, including one that killed a top Hezbollah commander. The Iran-backed Islamists have been firing missiles into northern Israel while Israel continues its counteroffensive against Hamas to the south. The weekend developments look to bring everyone further apart on a possible ceasefire deal. Crude oil should remain sensitive to the situation, with WTI futures having finished stronger last week to trade back above $70 per barrel. Financial markets will continue to digest last week’s Fed decision as traders price in expectations formed with input from a host of central…