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Overnight highlights. Following are highlights of overnight trade and opening calls:
Corn: 1 to 2 cents higher. Another choppy day of trade is likely ahead as the markets patiently wait on the euro-zone debt relief plan. Corn has held in a sideways trading range so far this week, showing the market is patiently waiting on a plan. However, details are not known and traders likely won't have all the details by the time the grain markets close this afternoon.
Soybeans: 4 to 5 cents higher. Futures were firmer overnight as traders patiently wait on a debt relief plan to be announced by EU finance leaders. The U.S. dollar index has been choppy overnight, limiting buying in the grain markets. All eyes are on the euro-zone situation, which likely won't be announced until after trading hours today.
Wheat: 3 to 5 cents higher. Futures were firmer overnight amid short-covering and help from neighboring pits. Price action has been choppy this week as traders patiently wait on euro-zone leaders to announce its debt plan. If the plan falls short of expectations, a sell-the-fact reaction would be seen tomorrow.
Live cattle: Mixed. Choppy trade is expected today as traders wait on cash trade to begin. Boxed beef values improved yesterday, which raises expectations for at least steady cash cattle trade this week. Additionally, this week's showlist is tighter than last week, lending to expectations for steady to firmer trade. However, if the stock market softens, cattle are vulnerable to spillover selling.
Lean Hogs: Steady to lower. Futures are expected to react to yesterday's $2.03 plunge in pork cutout values. The good news is movement was very strong on the lower price, but all cutout values slipped yesterday, which tightens packers' profit margins.