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Overnight highlights. Following are highlights of overnight trade:

Corn: 4 to 8 cents higher. Futures are called to open higher in reaction to this morning's smaller-than-expected corn crop estimate, but sharp strength in the U.S. dollar index will make it difficult for bulls to gain control. The dollar has surged above last week's high amid growing global economic concerns after Italian bond yields surged to new highs.

Soybeans: Mixed. USDA trimmed the size of the soybean crop more than expected this morning, but raised carryover more than traders expected. As a result, futures are called to open mixed, but outside markets are sharply negative this morning and beans are vulnerable to spillover from crude oil this morning.

Wheat: Steady to 3 cents higher. Futures are called to open firmer on spillover from corn after USDA failed to trim carryover as much as traders expected. Wheat is clearly in a follower's role, but strength in the U.S. dollar index will make it difficult for bulls to gain much traction.

Live cattle: Mixed. Futures are called mixed, with pressure limited by strength in the beef market. However, sharp pressure on U.S. stocks are expected to lead to a choppy tone this morning. In this morning's reports, USDA raised its 1012 cash price outlook and boost its export outlook for 2011 and 2012.

Lean Hogs: Steady to weaker. Futures are expected to be softer this morning due to yesterday's $1.52 drop in pork cutout values, which is expected to weigh on cash this morning. Traders are also seen as sellers due to negative outside markets and global economic concerns.

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