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Overnight highlights. Following are highlights of overnight trade:

Corn: 3 to 4 cents higher. Futures saw light followthrough from yesterday's sharp to limit higher performance. Limits are expanded to 60 cents today. The U.S. dollar index is weaker this morning, which is positive for commodities this morning. All eyes will be on this morning's USDA reports, expected to show a slight crop in the size of the crop and a boost in carryover from last month.

Soybeans: 2 to 4 cents lower. Futures were weaker overnight on profit-taking, with pressure limited by weakness in the U.S. dollar index. Early price action this morning will be directed by USDA's reports, expected to show a slight increase in the size of the crop and carryover from last month. Traders are also anticipating additional Chinese buys after a state agency yesterday said it needs to buy an additional 2 million metric tons of beans (from the U.S. or South America).

Wheat: 2 to 7 cents lower. Futures were weaker overnight amid profit-taking. The U.S. dollar index is weaker this morning, which helped to limit pressure. Followthrough buying today would signal near-term lows have been posted in many contracts after yesterday's sharp gains. Traders expect this morning's report to reflect around a 14-million-bu. drop in carryover from last month after USDA lowered the size of the wheat crop in the Small Grains Summary.

Live cattle: Mixed. Futures are expected to be mixed after yesterday's sharp price recovery. There is uncertainty surrounding where this week's cash cattle trade will occur, leading to the choppy tone this morning. Beef prices were firmer yesterday, but packers' profit margins remain in the red.

Lean Hogs: Mixed. Futures are expected to be mixed, but upside potential will be limited by tightening packer profit margins which is lower demand for cash supplies. Packers' margins remain in the black, but they say they are having little difficulty getting adequate supplies.

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