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Short-term trend turns bearish for lean hog futures.
Corn, soybeans and wheat firmed amid mild corrective buying during overnight trade.
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Grain markets saw heavy losses in light trading in Friday’s abbreviated session.
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No overnight grain trade. Grain and livestock markets open at 8:30 a.m. CT for an abbreviated session until 12:05 p.m. CT.
Basis slips a little for corn and soybeans; both weaker than average.
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Soybeans favored the downside overnight amidst profit taking, wheat futures favored the upside, corn was stuck in the middle and traded narrowly near unchanged. Each saw an increase in selling pressure into the break.
Soybeans turned lower after rallying 60 cents in two sessions to start the week, wheat futures continue to bounce from near-contract lows and corn saw light trading on both sides of unchanged overnight.
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Corn, soybeans and wheat all favored the upside overnight, with beans continuing to lead the way higher.
Soybeans continued Monday’s rally overnight, corn is pressing into the upper end of the recent sideways range and wheat saw corrective buying off yesterday’s for-the-move low.