Overnight developments - new highs for corn

Corn has hit fresh record highs overnight as wet weather continues to hamper planting progress in the US with eCBOT currently around 7c firmer. Forecasts for more rain this weekend & into next week are adding to farmers & traders anxiety.

Beans started off the overnight session lower but have been dragged higher by corn, surging crude oil & the Argy disruptions. It should be noted however that IF the weather continues to hamper corn plantings & WHEN the Argy dispute is sorted, both these factors are bearish soybeans in the medium term. Currently beans are 8-10c firmer.

Wheat is also higher (around 145-18c higher) on follow through from last night's close & ideas that the recent sharp downwards correction has done enough to tempt buyers back into the market.

The USDA are out at 13.30BST with their latest S&D estimates which could change the complexion markedy so tread carefully.