Lack of Fresh News Promotes Choppy Tone Overnight

December 4, 2012 12:43 AM

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Overnight highlights. Following are highlights of overnight trade (as of 6:45 a.m. CT) and opening livestock calls:

Corn: Mixed. Futures are mostly around a penny higher this morning on help from weakness in the U.S. dollar index. News Taiwan bought Brazilian corn is limiting buying, although traders recognize demand destruction is ongoing given historically high prices.

Soybeans: 2 to 3 cents lower. Futures are slightly lower this morning on profit-taking, as well as news Taiwan has passed on a tender to purchase soybeans due to high prices. Otherwise, mentions of record South American soybean production are also helping to limit buying in soybeans this morning.

Wheat: Mixed. Chicago and Kansas City wheat are favoring a firmer tone and Minneapolis is favoring a weaker tone amid profit-taking this morning. The lack of fresh news for the market to digest this morning is resulting in lackluster trade.

Live cattle: Mixed. Futures are expected to be mixed as traders gauge cash market signals. Futures ended slightly higher yesterday on strength in the beef market. Choice values firmed 29 cents and Select was up 39 cents yesterday on solid movement of 141 loads. But packers, who have worked with negative margins for quite some time, will be hesitant to raise bids.

Lean hogs: Mixed. Futures are expected to be mixed as traders gauge the cash market. Recent strength in the cash hog market has helped to lift futures, but packers' profit margins slipped back into the red yesterday even though pork cutout values improved by 98 cents. With gains in the cash market outpacing those in futures, trade will reevaluate positions.


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