Corn futures are called 2 to 3 cents higher. Overnight trade at 6:45 am CT was 2 to 2 3/4 cents higher. Weakness in the dollar and strength in crude oil and gold have helped corn prices rally overnight. The dollar was under pressure on news that Ireland had accepted a bailout plan from the European Union. However, gains overnight have been trimmed from early in the session as traders remain concerned about recent weakness.

Soybean futures are called 9 to 10 cents higher. Overnight trade at 6:45 am CT was 9 3/4 to 10 cents higher. The market rebounded from recent losses overnight amid weakness in the dollar and strength in crude oil and gold. Fundamentals remains bullish as export demand remains strong and as USDA is projecting tight ending stocks.

Wheat futures are called 2 to 4 cents higher. Overnight trade at 6:45 am CT was 2 to 2 1/4 cents higher at the CBOT, 4 to 4 1/2 cents higher at the KCBT and 4 1/2 cents higher at the MGE. The futures market traded higher overnight on weakness in the dollar and spillover support from corn and soybeans. Dry conditions in parts of the western Plains and the lagging winter wheat condition ratings will be supportive. USDA will update crop conditions in the Crop Progress report this afternoon.

Cattle futures are called steady to mixed on the open. Cash trade is expected to be steady to firm this week as feedlots up bids following recent strength in the futures market. The Cattle on Feed report is mostly neutral, although it was slightly negative for June futures based on heavier than expected placements during October. Placements were 101% of a year ago versus expectations for 100%.

Lean hog futures are called steady to higher. Pork cutouts were up $1.24 on Friday, giving packers some increased margins. Weakness in the dollar is a supportive factor for U.S. pork exports. However, gains could be limited by abundant market ready hog supplies, which could limit any strength in the cash market this week.

Cotton futures are strongly lower this morning. At 6:30 am CT December cotton was 570 points lower at 122.20 cents and March was 515 points lower at 118.00 cents. The market is extending the limit losses on Friday on concern that demand from China will be hurt by their moves to slow inflation.