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Iowa State Fair bound. I'll be at the Iowa State Fair tomorrow. But I'll be back on Wednesday morning to give you opening calls.
Overnight highlights. Following are highlights of overnight trade and opening calls:
Corn: 4 to 7 cents higher. Futures were stronger overnight, with help coming from dollar weakness and concerns about the crop. The latest 6-10 day forecast calls for dry conditions across the western Corn Belt, but mostly normal temps in the eastern Belt. What the crop hasn't seen this year is ideal growing conditions.
Soybeans: 6 to 9 cents higher. Futures were stronger overnight on help from dollar weakness as well as concerns about the crop after USDA slashed its new-crop soybean carryover projection last week. November beans have returned to the middle of the choppy trading range. Key this week would be for bulls to regain the upper hand.
Wheat: 7 to 10 cents higher. Futures were stronger overnight, with support coming from spreading as nearby futures work to return to a slight premium to nearby corn futures. Futures also benefiting from weakness in the U.S. dollar index overnight. But wheat remains in a follower's role, as fundamentals aren't as strong as neighboring corn and soybeans.
Live cattle: Higher. Futures are expected to open higher based on positive cash fundamentals. But choppy price action could be seen following last week's much higher trade as the market waits for cash trade to begin. The beef market was stronger last week -- signaling retailers are preparing for a big round of Labor Day features. All eyes will be on the beef market again this week to see if gains continue.
Lean hogs: Mixed. Futures are expected to be mixed, with some pressure coming from news Chinese government officials say China's pork production is climbing and could turn into a surplus situation. The cash hog market is expected to be mostly steady to start the week given profitable margins.