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Overnight highlights. Following are highlights of overnight trade and opening calls:
Corn: 6 to 7 cents higher. Following yesterday's dismal close, in which futures closed in the lower half of the daily trading range, they saw strength overnight. The U.S. dollar index is choppy this morning but crude oil and gold are higher. Investors remain anxious ahead of tomorrow's announcement by euro-zone leaders, whom have pledged to solve the region's debt crisis.
Soybeans: 5 to 6 cents higher. Futures were firmer overnight following yesterday's double-digit gains which were good for a mid-range close. A cloud of uncertainty is hanging over the market as investors wait on the EU to announce its plan to solve its debt crisis. Investors just want tomorrow to come so they can return their focus to other factors, such as earnings reports.
Wheat: 2 to 3 cents higher. Futures saw light buying overnight on spillover from neighboring pits and crude oil futures. However, a choppy dollar limited buying. Yesterday's condition report showed the winter wheat crop has started the season in similar shape to year-ago, which is concerning given the lack of moisture in the near-term outlook. A choppy day of trade could be ahead as there is nervousness about the euro-zone's plan to ease its debt concerns.
Live cattle: Higher. Futures are called higher following yesterday's strong close, in which traders focused on demand and faded the Cattle on Feed Report. As expected, cattle futures started weaker, but traders viewed it as a buying opportunity given continued strong export demand and tightening supplies down the road.
Lean Hogs: Mixed. Futures are called mixed amid spreading. Upside potential is seen limited by the cash market, which is called steady to weaker as packers say they are having no difficulty securing needed supplies. Traders will be keeping a close eye on outside markets. The U.S. stock market is set for a strong start as investors expect euro-zone leaders to announce their highly anticipated plan to solve its debt issues tomorrow.