Highlights. Following are highlights of grain trade as of 8:50 a.m. CT and opening livestock calls:
Corn: 3 to 7 cents lower. Futures are being pressured by this morning's USDA reports, as USDA left carryover for 2011-012 and 2012-13 unchanged from last month. Traders expected USDA to trim the carryover pegs. But limiting pressure on new-crop futures is yesterday's steeper-than-expected cuts to crop condition ratings.
Soybeans: 1 to 3 cents higher. Futures have trimmed initial gains since USDA's reports were released. USDA trimmed 2011-12 and 2012-13 carryover more than expected and the reports reminded traders of the year-to-year reduction that's expected.
Wheat: 3 to 5 cents lower. Futures are mostly weaker this morning in reaction to USDA's higher-than-expected winter wheat production estimate. But tighter-than-expected carryover is helping to keep losses in check. The year-to-year reduction in carryover is also helping to limit losses.
Live cattle: Steady to higher. Futures are expected to see a boost from yesterday's higher beef values, as Choice rose 75 cents and Select was up $1.01. But due to this week's larger showlist, the beef market must continue to improve to raise cash expectations.
Lean Hogs: Steady to higher. Futures are expected to see a boost from from a surge in pork product prices Monday, as values rose $2.59. The cash hog market is called steady to $1 higher on improved demand for supplies, although traders could be cautious as packers' profit margins remain in the red.
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