Overnight market developments
Corn set fresh all-time highs again overnight, adding to Friday night's strong gains with July hitting $7.57 3/4c, before easing back slightly on profit-taking, July currently stands 18c firmer at $7.49 3/4c. July beans are 20c firmer at $15.80 and July wheat is following along for the ride 3 1/2c firmer.
National Australia Bank Ltd has dropped it's 2008 Australian wheat output estimate to 24.3 million metric tons, down from the 25.1 million tons estimated last month, but still 85% up on last year's 13.1MMT.
The corn market has a classic "buy the rumour" look to it and it may not be until the harvest is upon us that things start to ease back.
National Australia Bank Ltd has dropped it's 2008 Australian wheat output estimate to 24.3 million metric tons, down from the 25.1 million tons estimated last month, but still 85% up on last year's 13.1MMT.
The corn market has a classic "buy the rumour" look to it and it may not be until the harvest is upon us that things start to ease back.