Lackluster Trade Overnight

March 5, 2012 12:27 AM

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Overnight highlights. Following are highlights of overnight trade:

Corn: 2 to 5 cents higher. Futures were choppy overnight, but are firming in late trade which is supportive for this morning's open. Spread unwinding with soybeans was supportive for corn futures overnight. Key this morning will be if early gains are extended as March is testing important resistance levels are recent highs.

Soybeans: 1 to 2 cents lower. Futures were weaker overnight, but have moved well off session lows as of lately. World stock markets were pressured overnight after Chinese Premier Wen Jiabao set a lower target for China's economic growth. The government is aiming for economic growth of 7.5% in 2012, Wen said -- lower than the 2011 goal of about 8%.

Wheat: 1 to 3 cents lower. Without fresh positive news, wheat futures saw light profit-taking overnight. The U.S. dollar index is choppy this morning, but currently firmer. Crude oil and gold are lower, which isn't supportive for commodity buying this morning.

Live cattle: Mixed. Futures are expected to be choppy as traders wait on the beef market for cash cattle clues and April live cattle are trading in line with last week's $130 cash cattle trade. To build on this record cash level, the beef market must continue to improve and traders are skeptical of that happening as lofty prices slowed demand at week's end.

Lean Hogs: Mixed. Futures are called mixed as traders keep a close eye on the cash hog market and are still optimistic pork buying for Easter will begin in earnest soon. Pork cutout values firmed on Friday, but packers' profit margins remain in the red. As a result, the cash market is expected to be steady to weaker this morning.


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