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Overnight highlights. Following are highlights of overnight trade and opening calls:

Corn: Mixed. Futures saw a lackluster overnight session, with pressure limited by weakness in the U.S. dollar index. Corn continues to trade in its sideways trading range, which is impressive given ongoing turmoil and uncertainty in the euro-zone. Strong demand has limited pressure. Corn is gaining momentum for the next trending move. Whether that's through support or resistance, the next move could be powerful.

Soybeans: 3 to 5 cents higher. Following yesterday's sharp drop, futures saw some short-covering overnight, but momentum is clearly with bears as January beans are hovering just above support at the October lows. Violation of this support would open additional near-term downside risk. A pickup in the demand pace is needed to stabilize the market. Weekly sales were strong yesterday, but more of the same is needed.

Wheat: 1 to 2 cents lower. Futures were choppy overnight, favoring a weaker tone amid a lack of fresh news. December Chicago wheat is trading at around a 36-cemt discount to December corn. This spread has widened this week as wheat remains a weak link amid lackluster demand.

Live cattle: Higher. Futures are expected to see a lift from yesterday's surge in the cash cattle market. Record cash trade between $124 and $127 was reported yesterday, which should set a new weekly record cash price. December live cattle are trading at around a $2 discount to the bottom of this week's cash range, opening fresh upside potential.

Lean Hogs: Steady to weaker. Futures are expected to be weaker today due to ongoing weakness in the pork cutout market. Traders remain optimistic, however, softening pork values will spur fresh demand -- mainly from the export side. Pressure on futures to end the week could be limited by position squaring due to the discount nearbys hold to the cash index.

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