* The dollar continues to trade in a relatively tight range this morning, with the greenback now off its new three-week low set overnight. Crude oil is under increased pressure, down a little more than $1 after probing unsuccessfully above $50 again overnight. That is putting some pressure on the broader commodity indices, although no significant chart damage has yet been done there.
* USDA is closed for Columbus day today, pushing back its weekly export inspection and crop progress reports until tomorrow. That’s leaving the grain and oilseed markets without much fresh fundamental information to trade, while looking for the major commodity indices to find some direction.
* Corn futures are 1 to 2 cents weaker, but holding key support at $3.80. That support needs to hold to avoid another leg lower.
* Soybeans are 8 cents higher and providing support for corn while probing the top of their up-trending sideways trading range that’s been in place for the past seven weeks.
* Wheat prices are steady to 1-cent weaker while waiting for clearer direction.
* Live cattle are trading $0.70 to $1.05 higher after December cattle broke above chart resistance at $138 this morning. However, selling is returning to the market as prices break back below $138 after failing to find significant buying interest above it. Cash cattle traded mostly at $126 to $127 in the Plains last week, after trading at $118 to $124 the previous week.
* Feeder cattle are $0.70 to $2 higher on the strength in the fats. Demand at the sale barn has picked up again in recent days, providing a bit more life. Traders were relieved to see USDA post a higher corn yield on Friday.
* Lean hog futures are mostly $0.50 to $1.00 higher this morning. Cash hogs are steady to 50 cents weaker on ample supplies as carcass weights slowly trend higher.
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