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Overnight highlights. Following are highlights of overnight trade (as of 6:30 a.m. CT) and opening livestock calls:
Corn: 7 to 10 cents higher. Futures have recovered the bulk of yesterday's losses after initially trading lower at the start of the day's session. The comeback comes on weather concerns, as the near-term forecast doesn't hold very much promise for rains in the eastern Corn Belt and traders worry without another rain in the western Corn Belt, soil moisture will be on the decline.
Soybeans: 6 to 12 cents higher. Futures started the session under pressure, but have strengthened due to concerns about next week's dry forecast. Yesterday's extended weather models showed the likelihood that drought would remain in play across the Corn Belt the entire growing season. Meanwhile, outside markets are mixed this morning, with the dollar and crude oil both trading firmer.
Wheat: Mostly 8 to 10 cents higher. Futures are mostly higher, with some scattered lower bids in deferred contracts at all three exchanges. Futures are enjoying spillover from neighboring pits, as well as production concerns in China, Russia and other parts of Europe. September Chicago wheat futures are pivoting around $6.90.
Live cattle: Steady to weaker. Futures are expected to be pressured by yesterday's 26 to 79 cent drop in beef values, although movement was solid at 225 loads. Traders expect this afternoon's Cattle on Feed Report to show an increase in Placements over year-ago, which is expected to add to early pressure this morning. Cash cattle trade isn't expected to get underway until this afternoon.
Lean Hogs: Steady to higher. Futures are expected to see a lift from strength in the pork cutout market, which has helped to trim packers' losses this week. Pork values rose $1.44 yesterday to trade at $98.46 per cwt. The cash market is called steady to higher again today amid tightening supplies.