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Overnight highlights. Following are highlights of overnight trade:
Corn: 6 to 10 cents higher. Futures were stronger overnight amid sharp weakness on the U.S. dollar index spurred by an 11th hour agreement by European Union finance ministers to boost the European Financial Stability Facility to approximately 5 times its current size. As a result, risk is back in style and buying has returned to commodity markets this morning.
Soybeans: 20 to 24 cents higher. Futures saw sharp price improvement overnight as traders now feel more comfortable taking on risk that EU leaders have struck a deal investors feel alleviates countries in the bloc slipping into a recession. As part of the deal, EU leaders have agreed to expand Europe's bailout fund and take major losses on Greek bonds.
Wheat: 10 to 13 cents higher. Futures saw spillover from neighboring pits as well as from positive outside markets as traders feel more comfortable taking on risk after EU leaders struck a deal to refinance banks. The U.S. dollar index has moved to a fresh monthly low, attracting fresh buying in the commodity world.
Live cattle: Steady to firmer. Futures are expected to benefit from widespread commodity buying, as the atmosphere for taking on risk has improved due to the deal EU finance ministers came up with yesterday. The U.S. stock market is expected to be stronger this morning, providing spillover for cattle futures.
Lean Hogs: Steady to firmer. Futures are expected to see spillover from positive outside markets, encouraging traders to narrow the discount nearby lean hog contracts hold to the cash index. However, bullish enthusiasm will be tamed by weakness in the pork cutout market and plentiful market-ready supplies.