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Overnight highlights. Following are highlights of overnight trade and opening calls:
Corn: Marginally to 2 cents lower. Yesterday's late-session recovery amid global economic uncertainty was impressive and December corn nearly posted a bullish reversal. Futures saw limited trade overnight as traders keep an eye on global marco-economic happenings, as well as wait on this morning's statement from the Federal Reserve as they end their policy setting meeting this morning. December corn found buyers just above $6.30 yesterday, signaling that as a "value" level.
Soybeans: 7 to 8 cents higher. Futures were stronger overnight on followthrough from yesterday's late-session move off session lows. Late Tuesday, Greece's cabinet voted to hold a referendum on the euro-zone debt plan, raising concern the package will fail and the country will default on its loan obligations. November beans returned above $12.00 overnight, which is an important psychological mark. Beans need fresh demand news to charge bulls.
Wheat: Mixed. Split between spillover from corn and soybeans, wheat was mixed overnight amid lackluster trade. Weakness in the U.S dollar index limited pressure on wheat overnight. Yesterday Egypt purchased Russian and Ukraine wheat, reminding the market U.S. wheat is not competitively priced, but meanwhile, concerns linger about the long-lasting Southern Plains drought and its impact on establishment of winter wheat ahead of dormancy.
Live cattle: Steady to higher. What a day yesterday turned out to be for market bulls. Live cattle ended sharply to limit higher amid concerns about ongoing herd liquidation in Texas. Continued strong export demand was also behind yesterday's rally. Cash cattle trade began at $119, which was down $1 to $2 from last week, but as futures rallied, cash trade as high as $124 was reported.
Lean Hogs: Mixed. Futures are expected to see another choppy day of trade, with all eyes on outside markets and the cash market. Cash bids are expected to be steady to weaker again today amid plentiful supplies. Pork cutout values slipped yesterday, but movement was very strong -- which is important as it's keeping the pipeline from backing up. Packers' profit margins are well in the black, which encourages packers to keep kill lines running as full as possible.