Overnight market developments

Wheat is around 15c firmer in eCBOT trade following reports of dryness in News South Wales & ignoring optimum planting conditions in the rest of Australia's wheatlands.

Beans are modestly lower after last night's crash & burn when futures closed 45c lower as tensions in Argentina ease & a suspension of the strike is announced.

Corn is around 3c firmer, reversing last night's losses.

Crude oil is above $127/barrel despite Saudi Arabia announcing a production increase.

The pound is up against the dollar at $1.9575 as of 09:28am BST.

While U.S. wheat futures are up on Australia's NSW worries, traders said the European market was still fairly reluctant to follow with a bumper harvest around the corner. "The consumers, especially in Europe, expect much bigger crops and don't want to chase the market up," said a U.K.-based trader.