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Overnight highlights. Following are highlights of overnight trade (as of 6:35 a.m. CT) and opening livestock calls:
Corn: Marginally to 1 cent lower. Corn futures have been rather lackluster so far this week, posting a very narrow trading range as traders even positions ahead of tomorrow morning's USDA reports. Upside potential is being limited by signs of demand destruction, while pressure is being limited as traders expect USDA to trim carryover in tomorrow's report.
Soybeans: 1 to 4 cents lower. Futures are slightly lower this morning, with negative outside markets leading to a slight downside bias. Concerns about the global economy have spooked investors who are shredding risk this week. Meanwhile, trader recognize soybean exports are too strong, but expect USDA to raise carryover slightly in tomorrow's report.
Wheat: 2 to 4 cents higher. Futures are seeing a lift ahead of a meeting in Russia, which traders suspect could lead to an announcement about export restrictions. However, the country will not play a major role in the global export market the second half of the marketing year given the tightness of its supplies. Weather conditions in Australia also remain a concern given lingering dryness in Western Australia.
Live cattle: Steady to higher. Strength in the boxed beef market has traders looking for $1 higher cash cattle trade later this week. Choice beef values rose 63 cents and Select was up 87 cents yesterday on improved movement of 237 loads. This week's showlist is smaller, giving feedlots more bargaining power.
Lean hogs: Steady to higher. Futures are expected to see a lift this morning after pork cutout values rallied $1.40 yesterday on improved movement of 111.5 loads. This helped to lift packers' profit margins, but the cash market is expected to be mostly steady today as supplies are in line with packers' demand this week.