11/10/2024 Sunday Market Preview

Fresh news was limited through Sunday morning, so the political stories continued to dominate. Iran’s latest threat against Israel remained a heightened risk point for global security and the markets. There was also a flaring of conflict with Russia after Ukraine launched its largest-ever drone attack against Moscow over the weekend. Grains look to have a firmer open on the contingency that crude is up while the dollar index edges back lower. In the Headlines December corn futures rallied 16 1/2 cents last week. November beans gained 34 1/4 cents. December Chicago wheat futures were up 4 1/2 and Dec KC wheat futures lost 2 1/2. December live cattle were down $2.22 while November feeders finished the week lower by $1.45. December lean hogs dropped $3.65. Spurring angst over the weekend was news that President Trump has asked Robert Lighthizer to take the U.S. Trade Representative spot again. Lighthizer was the architect of Trump’s trade war with China and was a lead negotiator for the U.S.-Mexico-Canada trade agreement. Lighthizer is a deficit hawk and protectionist that has a long history of battling against China and the World Trade Organization. China was observed as a light buyer of U.S. soybeans last…