Overnight grains - 'Is there a pilot in the plane?'

Grains are firmer in the overnight eCBOT market this morning with wheat around 4-5c higher, corn up 2-3c and soybeans around 8c firmer.

Beans have recovered slightly from last night's lower close, supported by firmer crude oil ahead of this afternoon's Energy Dept stocks data.

However, a weaker Brazilian Real may favour increased plantings of South American beans.

There is still a lot of uncertainty around surrounding the US rescue plan for financial markets, and until that is resolved everything remains "in limbo."

"We can't get on with the game, because nobody knows what the new rules are," said one trader.

It will be interesting to discover if the new rules cover large speculative involvement.

French analyst Agritel summed it up nicely in a note to clients entitled "Is there a pilot in the plane?"

I wish I'd have thought of that one. Still, FBI Probing Fannie was all my own work, that's more my level I think!