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Overnight highlights. Following are highlights of overnight trade (as of 6:45 a.m. CT) and opening livestock calls:
Corn: 4 to 7 cents higher. Futures are stronger this morning amid short-covering, but buying could be difficult to maintain if soybean futures continue to weaken. The U.S. dollar index is stronger this morning, which is also limiting buying in the corn market.
Soybeans: 9 to 14 cents lower. Futures are weaker this morning amid profit-taking and strength in the U.S. Dollar index. There's little fresh news for the market to digest this morning, which could lead to choppy trade -- especially when pit trade begins.
Wheat: 5 to 6 cents higher. Wheat is enjoying spillover from corn, although buying is being limited by weakness in the bean pit and strength in the U.S. Dollar index. But without fresh news for the market to digest, price action could be choppy.
Live cattle: Lower. Futures are expected to be weaker this morning as traders expect Hurricane Sandy to have an impact on meat demand along the East Coast. Additional pressure is expected from Friday's sharp drop in beef values, with Choice down $2.55 and Select down $2.85. Traders say this signals boxed beef values have likely secured a near-term high since posting an all-time high last week.
Lean hogs: Lower. Futures are expected to be weaker as traders expect Hurricane Sandy to lower pork demand along the East Coast. Meanwhile, traders are watching for a high in the pork market, as values slipped 50 cents on Friday. The cash hog market is called steady to mostly $1 lower amid reduced demand for hogs as packers work to improve profit margins.