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Overnight highlights. Following are highlights of overnight trade (as of 6:40 a.m. CT) and opening livestock calls:
Corn: 2 to 3 cents higher. Futures have been choppy, but are currently firmer on spillover from soybeans. December corn is pivoting around $8.00 in lackluster trade. Upside potential is being limited by signs of price rationing. Soybeans: 14 to 16 cents higher. Futures are stronger on tightening supplies and signs of better-than-expected demand, but are off session highs. China’s Ministry of Commerce said it expects August soybean imports to have totaled 5.3 million metric tons (MMT), which is up from its initial estimate of 4.37 MMT. November beans have backed off its contract high of $17.60 1/2 posted earlier this morning. Wheat: Mixed. Wheat has softened from earlier levels amid a lack of fresh positive news. This weekend, Egypt purchased 120,000 metric tons (MT) of Russian wheat and 60,000 MT of Romanian wheat, reminding the market U.S. wheat is not competitively priced on the global market.
Live cattle: Steady to lower. Futures are expected to start the week under pressure after beef prices softened late last week. Choice values dropped $1.69 on Friday and Select declined $1.40 on solid movement of 165 loads. Thoughts that beef demand will soften as grilling season comes to a close has traders looking for more near-term price pressure. Lean hogs: Steady to lower. Futures are expected to be pressured by tightening packer profit margins, which are running just above breakeven. Given plentiful supplies, packers are expected to bid steady to lower for hogs to start the week. Pork cutout values dropped 73 cents on Friday.
