Closing the Books on 2012

December 31, 2012 12:47 AM

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Overnight highlights. Following are opening grain and livestock calls at 6:50 a.m. CT:

Corn: 3 to 4 cents lower. Futures are weaker this morning on strength in the dollar and concerns about the fiscal cliff. However, so far futures have respected support at last week's low, although moving below it could trigger sell stops. Traders' focus is also on closing their books for year end.

Soybeans: Mixed. January through August futures are 10 to 15 cents lower, while far deferred contracts are mixed. Price action has been volatile, with futures moving higher in early trade. But those gains were not lasting due to strength in the dollar, concerns about going over the fiscal cliff and more rains in the forecast for Brazil this week.

Wheat: 8 to 10 cents lower. Futures are weaker this morning on spillover from neighboring pits and on concerns about stalled fiscal cliff negotiations. Lawmakers left the table without a deal yesterday, but return to talk today. With little other fresh news for the market to digest, traders will also be focused on evening books on the last trading day of the year.

Live cattle: Mixed. Cash Beef prices were mixed on Friday, with Choice down 77 cents and Select up 80 cents on strong movement of 172 loads. December live cattle futures could face some profit-taking on its last trading day as it holds more than a $2 premium to last week's $127 cash cattle trade.

Lean hogs: Weaker. Futures are expected to be pressured this morning by the Hogs & Pigs Report, as it showed most categories coming in above expectations. The report raised traders' pork production expectations for the year ahead, as USDA showed farrowing intentions above traders' expectations. The cash hog market is expected to be mostly steady this morning.


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