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Overnight highlights. Following are opening grain and livestock calls at 6:45 a.m. CT:
Corn: Mixed. Futures are mixed this morning, with nearbys 1 to 3 cents higher on short-covering. But upside potential is being limited to corrective trade given the lack of fresh news and slightly negative outside markets. May corn futures violated support at the previous week's low yesterday before recovering into the close and is seeing light followthrough buying this morning. Corn is at levels that has spurred fresh buying in the past, so key will be if the recovery continues or if support is eventually violated.
Soybeans: 3 to 6 cents lower. Futures are seeing pressure this morning as concerns about South American shipping delays is being offset by expectations for a record crop. While ships remain backed up at Brazilian ports, once the backlog is cleared and supplies begin to move to the port, a longer-than-usual shipping season is a very likely possibility due to the record crop. May soybean futures are trading near the middle of the long-lasting consolidation range.
Wheat: Mixed. Futures are mixed this morning on spillover from corn, with selling limited by short-covering. But with little fresh news for the market to digest, traders are not aggressive buyers. State crop reports reflect recent moisture improvements, although more moisture is needed to sustain the crop that remains in worse shape than year-ago. But another system has dumped more moisture on the area this week, which makes it difficult for traders to focus on the overall condition ratings.
Live cattle: Mixed. Futures are expected to be choppy as traders wait on cash clues. The boxed beef market got off to an okay start, with values mixed on solid movement of 163 loads. But to encourage thoughts of higher cash trade, beef prices need to make a sustained move higher to signal a seasonal low has been posted. Tightening supplies, however, have some expecting packers to be forced to raise bids this week.
Lean hogs: Mixed. Futures are expected to be choppy this morning, with pressure limited by the oversold condition of the market. Pork cutout values were 15 cents firmer yesterday to keep packers' profit margins in the black, but the cash market is called steady to lower this morning as packers' demand for hogs remains light.