Overnight highlights. Following are highlights of overnight trade and opening calls:
Corn: 5 to 6 cents higher. Futures saw light short-covering overnight, with some help coming from dollar weakness. While overnight gains are encouraging, the market has its work cut out for it if it's to signal a near-term low has been posted. Ongoing talk that China needs to buy U.S. corn to fill near-term needs and combat inflation continue, but there is no confirmation of that happening.
Soybeans: 6 to 8 cents lower. Futures were lower overnight as bears continue to hold the near-term technical advantage. Outside markets are mixed this morning, but due to ongoing euro-zone debt concerns, traders are unwilling to extend long positions in many commodity markets.
Wheat: Mixed. Futures were mixed overnight, with nearbys slightly higher. Weakness in the U.S. dollar index is supportive, but ongoing euro-zone debt concerns have given bears the technical advantage as traders look for safe havens. Otherwise, there's little fresh news for the market to digest.
Live cattle: Steady to higher. Futures are expected to see a boost this morning from Friday's Cattle on Feed Report, which was bullish. The report showed Placements below expectations and Marketings above expectations to result in an On Feed number at 105% of year-ago, which was below expectations. Gains will be tempered by ongoing global economic concerns.
Lean Hogs: Mixed. Futures are called to be mixed this morning amid spillover from live cattle and strength in the cash hog market versus economic concerns. Packers saw profit margins improve last week, which is keeping demand for cash supplies strong.