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Overnight highlights. Following are highlights of overnight trade (as of 6:30 a.m. CT) and opening livestock calls:
Corn: Steady to marginally lower. Price action in corn remains lackluster as there's little fresh news for the market to digest. Corn saw spillover from soybeans yesterday, but is favoring a weaker tone overnight. This morning's weekly export sales data needs to reflect a pick up in demand to excite market bulls.
Soybeans: 4 to 7 cents higher. Soybeans are seeing light followthrough buying after yesterday's gains, as traders expect this morning's weekly export sales data to reflect a pickup in demand. Traders are also concerned about dry soils in southern Brazil, which could be a yield drag for the country.
Wheat: Mixed. Wheat is favoring a firmer tone in mixed trade, as traders battle it out between corn and soybeans. While supplies in the Black Sea region are tightening, so far demand for U.S. wheat has remained lackluster as our prices are not as competitive on the global market. But drought in this U.S. Plains is also worrisome.
Live cattle: Mixed. Futures are expected to be mixed as traders wait on cash cattle trade to begin. Early bids are $3 lower and asking prices are steady to firmer. With boxed beef prices softer than a week-ago and this week's showlist higher, expectations are for steady-at-best from the cash market.
Lean hogs: Mixed. Futures are called mixed as there is some caution about the cash market. While bids are expected to be steady to firmer again today, packers are dealing with negative cutting margins, which raises concern about demand for hogs. Pork cutout values slipped 17 cents yesterday to further cut into packers' margins.