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Overnight highlights. Following are highlights of overnight trade and opening calls:
Corn: 6 to 7 cents higher. Futures were stronger overnight on help from dollar weakness as well as concerns about the crop. This week's Pro Farmer Midwest Crop Tour will be closely watched given concerns during pollination and now during grain fill. Weekend precip was disappointing and the forecast through month's end isn't very promising for meaningful rains. December corn posted a new contract high of $6.34 in overnight trade.
Soybeans: 10 to 12 cents higher. Futures were stronger overnight, helped by dollar weakness and disappointing rains over the weekend. While temps are non-threatening through month's end, private forecasters say there's limited rainfall in the forecast. The bean crop would benefit from another widespread inch rain to fill pods this month. November beans traded above $13.80 overnight, making $14.00 bulls' next target.
Wheat: 6 to 11 cents higher. Futures were stronger overnight on spillover from neighboring pits and dollar weakness. Wheat is also finding support from concerns about the spring wheat crop given disappointing yield results and acreage uncertainty. September Chicago wheat rose above last week's high in overnight trade to trade above $7.40.
Live cattle: Mixed. Futures are called to open mixed as traders weigh Friday's Cattle on Feed Report against cash expectations. Futures faced pressure last week from volatile outside markets, but a calmer tone is being seen this morning. The COF Report showed all categories above expectations, but the likelihood of a Marketings hole developing early next year given aggressive Placements.
Lean hogs: Mixed. Futures are expected to see a mixed start, with pressure limited by the steep discount nearby futures hold to the cash index. Meanwhile, upside potential will be limited by weakness in the cash hog market. Packers say supplies are booked well into the week and they aren't having any difficulty getting needed supplies secured.