Overnight developments

Corn fell overnight on speculation a rally in the dollar may make the grain more expensive to overseas importers and reduce the appeal of commodities as an alternative investment. Having reached 8c down, corn had clawed back most of those gains by 9am, supported by soy & wheat, and stood 1c easier.

Wheat is around 7c higher on speculation demand will rise after the price fell to $7.765 on May 1, the lowest since Nov. 20.

Soybeans are 2-3c steadier after Argentina failed to lift a ban on beef exports as promised earlier last week, eroding optimism that farmers would resolve a dispute with the government over taxes that disrupted crop exports.

The Argentine government isn't prepared to modify the export tax when officials and farmers meet tomorrow, newspaper La Nacion reported yesterday, citing people close to the government who weren't identified.