Overnight grains

For once there's not a lot of activity on the overnight eCBOT markets. Maybe its a grain bourse in Munich today keeping things quiet, maybe its a will-they-won't-they approach to tonight's vote in the House of Representatives.

Corn and wheat are around a cent firmer and soybeans a couple of cents lower.

Still the overall trend is firmly downwards. Turmoil in global financial markets has driven investors to take cash out of commodities, say analysts. The Reuters/Jefferies CRB Index of 19 raw materials is down 9.9 percent this week, the most since at least 1956.

Wheat has declined 11 percent this week, the most since March 21, and the sixth straight weekly loss.

Nov soybeans yesterday touched $9.9225, the lowest since Nov. 1. The oilseed has fallen 14 percent this week and is down 39 percent from a record $16.3675 on July 3.

In early overnight trade Dec corn touched $4.53, the lowest since Dec. 31. Futures have lost 43 percent from a June 27 peak of $7.9925.