Overnight markets - déjà vu

Soybeans have set a new record again overnight with Nov hitting $16.2275, and currently standing at 11.25 cents firmer $16.19/bushel.

Latest USDA figures show that US farmers may harvest 96.8 percent of the acres planted, down from an earlier forecast of 98.1 percent. The market is now pricing in ideas that the 96.8 percent figure will be revised down further.

Corn rose for the first time in four days as rising crude oil rekindled speculation demand for the grain in biofuel production may increase, leading to a drawdown in inventories. Dec corn is currently up 8.50 cents at $7.6050/bushel.

Wheat is up around 4-5c on speculation that producers of hog, cattle and poultry will seek the grain as an alternative to high-cost corn, analysts said.