Follow me on twitter @julijohnston
Overnight highlights. Following are highlights of overnight trade:
Corn: 3 to 5 cents higher. Futures were firmer overnight, supported by dollar weakness and on spillover from soybeans. May corn is testing the top end of the range, while December corn is trading near the middle of the long-lasting sideways trading range. This morning's weekly export sales data showed corn sales of 836,400 MT -- at top end of expectations.
Soybeans: 9 to 12 cents higher. Futures were supported by concerns about the Brazilian bean crop, as another hot and dry spell has many private crop firms lowering their estimates. Technicals remain pointed higher. This morning's weekly export sales of of 609,700 MT for 2011-12 and 784,000 MT for 2012-13 were above expectations.
Wheat: 1 to 3 cents higher. Wheat saw spillover from neighboring pits overnight, as well as help from dollar weakness. USDA's weekly wheat sales of 302,400 MT for 2011-12 and 57,900 MT for 2012-13 were below expectations.
Live cattle: Steady to weaker. Futures are expected to be weaker on concerns about the beef market. Lower beef prices doesn't bode well for packers' profit margins, but improved beef movement could increase demand for this week's tighter cash cattle showlist. Choice beef values slipped $1.26 yesterday and Select was down $1.75. But beef movement was strong at 324 loads.
Lean Hogs: Mixed. Futures are called mixed amid spreading. Pork cutout values declined 60 cents yesterday on solid movement of 77.75 loads. Packers' profit margins slipped further into the red, but many still need supplies for late-week delivery. As a result, the cash hog market is expected to be mostly steady today.