Follow me on twitter @julijohnston

Overnight highlights. Following are highlights of overnight trade:

Corn: 4 to 7 cents lower. Futures were lower overnight on dollar strength. The exception is May corn, which is firmer on tight supplies. The U.S. dollar index is sharply higher this morning on concerns austerity measures in Europe are in jeopardy after recent elections. Sharp weakness on global stock markets also weighted on commodity markets overnight, signaling a "risk-off" day is ahead.

Soybeans: 9 to 15 cents lower. Futures were sharply lower overnight due to dollar strength and negative outside markets. The election of a Socialist president in France and a new president in Greece sent shockwaves through Europe, weakening the euro and triggering a sharp rally in the U.S. dollar index. Greek voters rejected the ruling party's austerity measures, raising concerns about the country's ability to pay its debt.

Wheat: 2 to 5 cents lower. Futures were weaker on spillover from neighboring pits, although pressure was limited by hot and dry conditions in the Southern Plains over the weekend. This afternoon's condition report is expected to show stress rebuilding in the Southern Plains, although weather remains favorable in the Central Plains.

Live cattle: Steady to firmer. Futures are expected to see a boost from late cash sales that were $1 higher in the southern Plains on Friday. Traders believe a near-term low has been posted, which should lead to additional short-covering in nearby futures, as those contracts are trading at a steep discount to the cash market. However, negative outside markets will limit buying interest.

Lean Hogs: Mixed. Futures are expected to be mixed, with upside potential limited to short-covering. Pork cutout values were were 76 cents firmer on Friday, which is supportive, although packers' profit margins remain in the black. The cash market is expected to be steady to weaker amid lackluster demand.

See Comments