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One last time. This is the last time I will be writing "Overnight Market Highlights." You can look forward to seeing a summary of overnight price action in Brian Grete's "What Traders are Talking About Column" on Monday morning. The combination of a shuffling of news duties and the timing of the pause in overnight trade and the start of open-outcry trade at 8:30 a.m. CT, made today the right time to end this column. The really good news is Jim Wyckoff's "Tech Talk" will be taking this spot! You will still see me around... new things are brewing...
Overnight highlights. Following are opening grain and livestock calls at 6:23 a.m. CT:
Corn: Mixed. Nearby corn futures are narrowly mixed, with new-crop futures marginally to 1 cent lower this morning. A lack of fresh news is keeping traders on the sidelines. While traders believe current prices are finding some demand, the lack of large purchases signals there is still more near-term downside risk for this market.
Soybeans: 3 to 1 cents lower. Old-crop soybean futures are leading losses this morning as traders remain concerned about more bird flu cases being reported reported in China, which is resulting in the disposal of some poultry at markets. Traders' main fear is this will lower poultry demand and therefore feed demand.
Wheat: 1 to 3 cents lower. Chicago and Kansas City futures are weaker this morning, but Minneapolis is steady to marginally higher. Buying across all the flavors of wheat is being limited by neighboring pits, with selling limited by concerns about the condition of the winter wheat crop.
Live cattle: Mixed. Futures are expected to be choppy as traders even positions against the cash market, which saw trade at $128 this week. April cattle are trading at a slight discount to this week's cash market, which suggests traders aren't quite yet convinced the cash market has posted a near-term low.
Lean hogs: Mixed. Futures are expected to be choppy to close out the week as traders even positions. But buying will be limited as packers' profit margins have slipped deeper in the red, which is expected to soften the cash hog market. Nearby futures are still trading at a hefty premium to the cash index, which also opens fresh downside risk for the market, although futures signal a near-term low has been posted.