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Overnight highlights. Following are highlights of overnight trade (as of 6:30 a.m. CT) and opening livestock calls:
Corn: 1 to 3 cents higher. Futures have set back from gains posted earlier in overnight trade following Friday's limit-higher gains. Traders reacted to the Grain Stocks Report with shock that USDA trimmed 2011-12 carryover below the 1-billion-bu. mark, so key will be if buyers continue to ration supplies with the start of open-outcry trade. Today's limit it expanded to 60 cents.
Soybeans: 10 to 18 cents lower. Pressure are seeing profit-taking pressure this morning following Friday's sharp gains. Without fresh news and China celebrating a national holiday, it could be difficult for bulls to regain the upper hand this week even if corn has posted a near-term low.
Wheat: 8 to 11 cents lower. Wheat is following soybean futures lower, with little fresh news for the market to digest this morning. Recent rains in the U.S. Southern Plains is also negative for wheat futures as it's encouraging planting.
Live cattle: Lower. Futures are called lower based on weakness in the boxed beef market. Choice values declined $3.06 on Friday, with Select down $2.66. Unless the beef market quickly posts a near-term low, traders will expect more cash deterioration this week.
Lean hogs: Steady to firmer. Futures are called steady to firmer on help from the cash hog market, as pork cutout values firmed again on Friday. Meanwhile, Friday's Hogs & Pigs Report is being termed as neutral, as it came in about as expected -- keeping focus on the cash market.