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Overnight highlights. Following are highlights of overnight trade and opening calls:
Corn: 6 to 7 cents lower. Futures were pressured overnight after yesterday's late-session recovery. Ongoing global economic worries are limiting investor buying, although traders acknowledge the tight supply situation. Slight firmness in the national average corn basis was seen over the last week, which is positive. But traders expect basis to slip as harvest begins.
Soybeans: 3 to 4 cents lower. Futures were weaker overnight amid ongoing technical decay. November beans have slipped just below support at yesterday's low in overnight trade to post a fresh weekly low. Monday's higher crop estimate by USDA has given bears the advantage this week and global economic worries have heightened selling interest.
Wheat: 4 to 7 cents lower. Wheat is clearly in a follower's role, although presents itself as a value buy in comparison to corn and could spur some spreading. Still, unless corn posts a near-term low, wheat will continue to weaken given the lack of fresh positive demand news.
Live cattle: Steady to higher. Futures are expected to see followthrough from yesterday's gains, although upside potential should be limited as traders wait on cash trade to begin. Strength in the boxed beef market and this week's tighter showlists has traders fully expecting $2 to $3 higher cash trade -- although bidding hasn't been active.
Lean Hogs: Mixed. Futures have been choppy this week amid spreading. Nearbys were higher yesterday on strength in the case market. More of the same is expected today as packers work to secure this week's needs. cash lean hog futures improved their technical stance yesterday and appear headed back to the highs.