Overnight markets - mostly steady

Overnight grains are mostly firmer this morning on a modest technical bounce from the losses of the last few days.

Grains are trading in a relatively narrow range with traders largely having tidied up positions ahead of next Monday's USDA report.

There seems to be little fresh fundamental news this morning, with drier Midwest weather aiding recovery from the recent floods and helping get the last remaining bits of the soybean crop into the ground.

Egypt is today tendering for it's usual 55-60,000MT wheat, which if recent evidence is anything to go by will most likely go the way of Russia, possibly the Ukraine.

Once the wheat harvest is in acros the rest of Western Europe I think we had better wake up to the fact that there isn't going to be a lot of export business for us a while with the Eastern Europeans/FSU etc in the marketplace.

On eCBOT wheat and corn are each around 3c firmer, with beans up around 10c.