Overnight markets - all down

The overnight eCBOT markets are all lower this morning, largely reversing last night's gains.

Beans are currently 18-20c easier, corn 7-10c lower and wheat 3-10c lower.

Reasons for the decline so far are sketchy. The much-hyped heatwave forecast for next week maybe won't materialise after all some are saying.

A "technical bounce" is another good one when you haven't really got a reason.

I prefer, "It shouldn't really have been up that much yesterday, so we're down again today."

It's a holiday in the US tomottow remember so absolutely anything could happen tonight. A sharp sell-off ahead of the long weekend? Profit-taking? A sustained rally in case the weather turns? Whatever it does tonight it's highly likely that Monday morning's session will be equally dramatic.

I'll still stand by my call for a very volatile summer, certainly for beans and corn, both probably trading higher on weather scares, before a wholesale sell-off come October once the crop becomes a reality, lower yields or not.