Overnight Developments, Obama In, Dollar Up, Grains Down

Grains are lower overnight after the dollar rose following Barack Obama's election victory. The dollar is firmer on speculation Obama's victory in the US presidential election will accelerate policies to revive the world's biggest economy.

Crude oil also fell as Obama, who favours a windfall-profit tax on petroleum producers and boosting renewable energy, was elected the 44th U.S. president.

At 9.30am GMT crude oil was around $3 lower close to $67.50/barrel. Soybeans were 11-12c weaker, with wheat and corn both down around 6-7c.

The dollar rose to $1.58 against the pound from a low of $1.61 yesterday.

Now that the election is out of the way, market participants are waiting for a government update early next week on supply and demand to see any revisions in output forecast in the US.

The U.S. Department of Agriculture is scheduled to release its fourth survey-based production forecasts for corn and soybeans on Nov. 10 at 13.30GMT.