Grain Futures Choppy Overnight

November 27, 2012 11:48 PM

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Overnight highlights. Following are highlights of overnight trade (as of 5:50 a.m. CT) and opening livestock calls:

Corn: Mixed. Corn futures are mixed this morning, with nearbys marginally to 1 cent higher amid spreading. Slight strength in the U.S. dollar index is limiting buying, although strong corn basis reminds the market of the tight supply situation, which is helping to limit pressure.

Soybeans: 4 to 7 cents lower. Futures are weaker amid profit-taking this morning following yesterday's strong gains. Soybeans initially traded higher overnight on followthrough buying, but have setback on strength in the dollar index.

Wheat: Marginally to 1 cent lower. Following yesterday's sharp gains that were inspired by the disappointing winter wheat crop condition ratings, wheat is seeing a slight setback this morning. In fact -- very slight, as futures are hovering near yesterday's highs. This signals traders remain concerned about the winter wheat crop, although this kind of buying enthusiasm will be limited unless fresh demand news surfaces soon.

Live cattle: Mixed. Futures are expected to see a mixed start in reaction to the boxed beef market. Choice beef values slipped 77 cents and Select rose 77 cents. Movement picked up to 194 loads. Traders are optimistic cash cattle trade could be $1 higher with last week's $127 to $128 trade, although early trade was reported on Monday at $128 in Texas, although volume was light.

Lean hogs: Steady to higher. Futures are expected to see a lift this morning from strength in the pork cutout market, as values improved $1.63 yesterday on very strong movement of 170.13 loads changing hands. This improved packers' profit margins and keeps demand for cash supplies strong. With some locations still in need of hogs for the week, cash bids are expected to be steady to firmer today.


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