11/03/2024 Sunday Market Preview

T-minus 2 days until the election. Traders are factoring in the news of Harris leading Trump 47 to 44 percent in Iowa. The forecast came as a surprise against previous predictions in a state that went for President Trump by solid margins in 2016 and 2020. The poll of Iowa voters conducted for the Des Moines Register has been known for accuracy; however, it was contrasted by an Emerson College survey that had Trump still holding a sizable lead. Chatter on the subject seemed aimed toward giving Harris advanced odds relative to last week, which could initially lean bullish for the grains by way of speculative short-covering. In the Headlines December corn futures dropped 3/4-cent last week. November beans fell 5 1/4 cents. December Chicago wheat futures lost a penny and Dec KC wheat futures gave up 5 1/4. December live cattle were down $3.77 while November feeders finished the week lower by $2.75. December lean hogs rallied $4.40. The order of events begins with the election on Tuesday, followed by the Federal Reserve interest rate decision at 1 pm central Thursday, with the week capped off by the November crop reports at 11 am Friday. Uncertain is the timing…