Overnight Grains

Overnight grains are mostly lower, adding to last night's steep declines, as declining equities in the US and Asia, and poor US jobs data re-enforced concerns that the global economy was headed toward recession, curbing demand for food, feed and fuel.

Just after 8am GMT eCBOT corn was 3-4 cents lower, with wheat around 6 cents easier and soybeans hovering around unchanged.

Data released last night showed that US companies cut 157,000 jobs in October, the most since November 2002 and bigger than an estimated drop of 102,000, according to ADP Employer Services.

A firmer dollar in early trade this morning, making US exports less competitive, also isn't helping the grains complex.

Asian stock markets fell by around 6-7% overnight. The Nikkei 225 Stock Average slumped 622.10, or 6.5 percent, to close at 8,899.14 in Tokyo. Hong Kong's benchmark Hang Seng index also fell, erasing three days of gains, after earnings forecasts by Cathay Pacific Airways Ltd. reignited concern the global economy will worsen. The Hang Seng Index lost 1,108.80, or 7.5 percent, to 13,731.36 as of 2:57 p.m. local time.

Japan is expected to buy 96,000MT of US wheat in a tender later today.