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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. Corn futures are enjoying followthrough from yesterday's gains, with March corn trading above $7.30. Turning this level into support would make $7.50 bulls' next target. Traders still have Friday's USDA reports on their minds that showed domestic usage stronger than expected, which is spurring fresh commerical buying.
Soybeans: 6 to 10 cents higher. Futures are being lifted this morning after a weaker finish yesterday on help from dollar weakness. Traders are also noting concerns about weather in South America as some areas are in need of rains. A recent boost in demand from China is also supportive, but futures need to post fresh monthly highs to signal near-term lows are in place.
Wheat: 4 to 6 cents higher. Futures are seeing a lift from weakness in the dollar index and concerns about dry conditions in the Plains. March Chicago wheeat is pivoting around $7.80 after posting a fresh monthly high yesterday.
Live cattle: Mixed. Following recent losses live cattle are called mixed on the possibility of short-covering. Traders are also waiting on cash clues to emerge beginning today as packers begin to bid for cattle. This week's showlist is thought to be little changed from last week.
Lean hogs: Mixed. February lean hog futures are trading in line with the cash index and therefore are watching the cash market closely. Cash bids were mostly steady with mixed undertones yesterday due to varied demand and mostly steady bids are expected again today. Pork values improved 34 cents yesterday on strong movement of 104.71 loads to aid packers' profit margins.