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Overnight highlights. Following are highlights of overnight trade and opening calls:
Corn: Marginally to 3 cents lower. Futures showed resilience overnight given sharp weakness in global stock markets, sharp pressure on crude oil futures and slight strength in the U.S. dollar index. December corn is pivoting around unchanged, with pressure limited by crop concerns. Scouts will hit the fields on Monday morning to get a first-hand look at corn and soybean crops during the Pro Farmer Midwest Crop Tour, which ends Thursday.
Soybeans: 2 to 6 cents lower. Futures saw spillover from negative outside markets, which triggered profit-taking in the bean pit. However, pressure was limited by the prospect for tight stocks in the year ahead given concerns about the new crop. Rains were spotty across the Corn Belt this week and more of the same -- with warmer temps -- is expected next week.
Wheat: Steady to 3 cents lower. Futures saw light spillover from negative outside markets, but given the extent of pressure seen in markets like crude oil overnight, pressure was muted in wheat futures. September Chicago wheat respected the $7.00 level overnight as it tries to hold onto a slight premium to September corn futures.
Live cattle: Weaker. Futures are called to open weaker on followthrough from yesterday's losses, weakness in outside markets and as traders react to lower cash cattle trade and prepare for this afternoon's Cattle on Feed Report. Traders look for the report to show On Feed at 107.5%, Placements at 116.9% and Marketings at 96.3% of year-ago levels.
Lean hogs: Weaker. Futures are expected to be pressured by negative outside markets, as well as continued weakness in the cash hog market. But downside risk should be limited by the already steep discount nearby lean hog contracts hold to the cash index. Traders already have a seasonal increase in supplies built into the market.