Grains Lackluster, Awaiting Fresh News

January 9, 2013 12:21 AM
 

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Overnight highlights. Following are opening grain and livestock calls at 6:20 a.m. CT:

Corn: Steady to 1 cent lower. Futures are favoring a weaker tone this morning, but have seen choppy trade as traders continue to prepare for Friday's key USDA reports. Meanwhile, Brazil's Conab sees the Brazilian corn crop at 72.19 MMT and has raised its corn export forecast to 21.5 MMT.

Soybeans: Mixed. Futures are favoring a weaker tone in mixed trade, with pressure coming from Conab's forecast for a record Brazilian soybean crop of 82.68 MMT. Other than preparing for Friday's key USDA reports, there's little other fresh news for the market to digest. So far, futures haven't strayed too far from unchanged.

Wheat: Mixed. Chicago wheat is favoring a firmer tone in mixed trade, while Kansas City and Minneapolis futures are more evenly mixed. A stronger U.S. dollar index is limiting buying this morning, although selling is limited by the oversold condition of the market.

Live cattle: Mixed. Futures are expected to be mixed this morning following yesterday's losses, with selling limited by yesterday's firmer tone in the boxed beef market. But news of early cash sales in Texas at $128, which is steady with last week. Traders are comfortable with nearbys holding a premium to the cash market due to tightening supplies, but could narrow the premium due to steady cash trade.

Lean hogs: Mixed. Futures are expected to be choppy today, with upside potential limited by concerns about packers' negative profit margins. Pork cutout values slipped 63 cents yesterday, but movement was strong at 121.04 loads. The cash market is expected to be mostly steady today, but some mixed undertones could develop due to varied demand.


 

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