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Overnight highlights. Following are highlights of overnight trade (as of 6:50 a.m. CT) and opening livestock calls:
Corn: 3 to 5 cents higher. Corn is enjoying short-covering support this morning and spillover from the neighboring soybean pit. But there's little fresh news for the market to digest this morning as traders wait on the weekly export sales report. Traders will be interested to see if importers increased purchases ahead of last week's grain stocks report.
Soybeans: 5 to 14 cents higher. Futures are seeing a lift on followthrough from yesterday's high-range close. But so far soybeans remain within the boundaries of the downtrend established from the summer high. Prices will be influenced by this morning's weekly export sales report, which is expected to reflect increased purchases by China and this week's holiday.
Wheat: Narrowly mixed. Wheat is narrowly mixed at all three exchanges this morning, remaining within the long-lasting sideways consolidation range. World weather developments are mixed, as the U.S. and Australia have received recent rains, but need more, and areas of Russia and Ukraine are in need of rain for wheat establishment.
Live cattle: Steady to firmer. Futures are expected to see a lift from slight improvement in the boxed beef market this morning, as Choice values were up 21 cents and Select up 77 cents yesterday on strong movement of 242 loads. But Choice beef values are below levels seen a week-ago, which hampers packers' willingness to raise bids. As a result, cash expectations are still divided.
Lean hogs: Steady to firmer. Upward momentum is building on itself and is the basis for this morning's expected strength in lean hog futures. Pork cutout values slipped 79 cents yesterday, but are still up sharply from week-ago levels. The cash hog market is expected to be steady to firmer across the Midwest today as they work to secure supplies.