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Overnight highlights. Following are highlights of overnight trade and opening calls:
Corn: 3 to 5 cents higher. Futures were firmer overnight after yesterday's mid-range close and slight weakness in the nearby contracts. The dollar is weaker this morning after yesterday's sharp advance. Yesterday's USDA report was termed neutral to friendly by the market, as it tightened carryover -- just not as much as traders expected. Bottom line -- corn remains in its long-lasting sideways consolidation range.
Soybeans: 2 to 5 cents higher. Futures were firmer overnight amid short-covering following yesterday's sharp decline. Soybeans were choppy overnight, but have firmed on weakness in the U.S. dollar index. January soybeans posted a fresh monthly low yesterday, opening the door for a possible move to the October low. Yesterday's USDA reports were termed slightly negative by the market, as it raised carryover more than traders expected.
Wheat: Mixed. Futures were mixed overnight, with nearbys 1 to 4 cents firmer on weakness in the U.S. Dollar index. Wheat remains in a follower's role, watching corn closely. The euro-zone's financial mess weighed on wheat yesterday, as did the surge in the U.S. Dollar index. USDA trimmed carryover in its November S&D Report, but not as much as traders had expected.
Live cattle: Steady to firmer. Futures ended mixed yesterday, with bulls losing momentum to negative outside markets. But the U.S. stock market is expected to calm today and the U.S. Dollar index is weaker. Traders are waiting on cash cattle trade to begin and feedlots are holding out for higher bids due to strength in the beef market this week.
Lean Hogs: Steady to weaker. Futures are expected to be pressured by the cash market today. The cash market is called steady to weaker following yesterday's 90-cent drop in pork cutout values. Weakness in the U.S. Dollar could serve to limit pressure on futures, but bears have momentum on their side after futures posted fresh monthly lows yesterday.