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Overnight highlights. Following are highlights of overnight trade and opening calls:
Corn: 3 to 5 cents lower. Futures saw followthrough pressure overnight as traders remain nervous ahead of the euro-zone debt talks on Friday and have little fresh demand news to digest. Focus in the market today will also be on evening positions ahead of tomorrow morning's USDA report, in which USDA is expected to trim carryover slightly. Traders expect a light weekly export sales tally this morning.
Soybeans: 3 to 4 cents lower. Futures continue in the two-week consolidation range, hovering above the November low. Limiting pressure this week is concerns La Nina will trim crop prospects in South America, although crop prospects remain solid at this point. Traders expect USDA to raise carryover slightly tomorrow morning due to the recent lackluster export pace.
Wheat: 4 to 7 cents lower. Futures saw followthrough pressure overnight, as March Chicago wheat appears headed for a test of the November low. There's little fresh positive news for the market to digest, as larger crop prospects from Australia and Canada were delivered to the market this week and now Russia is hinting its grain exports this season will be larger than originally thought.
Live cattle: Mixed. Futures are expected to be choppy as traders wait on cash cattle trade to begin. Following recent sharp losses, there is room for an upside correction, but there's more concern about near-term demand as retailers have holiday features secured. Beef values firmed yesterday, but are still below week-ago levels, which raises expectations for softer cash cattle trade.
Lean Hogs: Steady to lower. Futures were weaker yesterday, with the market expected to see followthrough due to the low-range close. The cash hog market is expected to be steady to weaker today amid plentiful supplies, although packers have seen margins improve this week. There is talk of a near-term low being in the works, but proof in lighter marketings needs to be observed.