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Overnight highlights. Following are highlights of overnight trade and opening calls:
Corn: 3 to 6 cents higher. A softer U.S. dollar index provided a boost to the commodity markets overnight. Greek parliament's vote in favor of fresh austerity measures is weighing on the dollar, which is lifting commodity markets this morning. Crude oil and gold futures are also higher. A dry weekend across most of Brazil and Argentina are also supportive factors this morning.
Soybeans: 6 to 12 cents higher. Futures were supported by a weaker U.S. dollar index overnight, as well as a mostly dry weekend across South America this weekend. Some rains are in the forecast for areas of Brazil this week, but coverage is expected to be scattered and amounts not enough to stabilize the crops. Also, there is anticipation a Chinese delegation to the U.S. this week will sign trade agreements for U.S. soybeans this week -- with amounts expected to be lighter than last year's record total.
Wheat: 5 to 9 cents higher. Futures benefited from spillover from neighboring pits and a weaker U.S. dollar index. The Greece news is supportive for the commodity and stock markets this morning, but wheat needs fresh positive demand news to keep bulls interested. Another cold blast across northern Europe and the Former Soviet Union are also supportive this week, but key will be out outside markets and neighboring pits perform this week.
Live cattle: Mixed. Futures are expected to be mixed, with pressure limited by expected strength in the U.S. stock market as investors' concerns about a Greek default on its loan obligations have been eased. Nearby live cattle are trading at a premium to last week's $1 lower cash cattle trade, which is expected to limit buying in futures this morning. Traders will be keeping a close eye on the beef market for cash clues.
Lean Hogs: Mixed. Futures are expected to be mixed, with pressure coming from concerns about the cash hog market, while pressure should be limited by ideas Friday's losses were overdone. The cash hog market is expected to be steady to weaker as packers scale back their kill requirements to improve negative profit margins. Supplies are thought to be secured into at least midweek.