eCBOT overnight developments, corn and beans up, wheat down

Corn is up again this morning with the July contact rising as much as 13 cents, or 1.8 percent, to $7.22 a bushel in after-hours trading on the Chicago Board of Trade and stood at $7.13 3/4 at 10:09 a.m. BST. This is within sight of the fresh all-time high set during last night's session of $7.25 1/2.

There aren't really any fresh developments for corn, its simply rain, flooding, yield loss fears etc. The market may see a technical correction later today, ahead of the weekend, as it appears to have been heavily overbought, an analyst warned. Corn's 14-day relative strength index, a gauge of momentum, has held above 70 since June 10, signaling prices may decline.

July soybeans are up 3 3/4c at the moment also supported by the weather. Again it will be interesting to see if there is a sell-off and some profit-taking ahead of the weekend this afternoon depending on what the latest weather forecasts have got to say.

Whilst there doesn't seem to be tremendous amount of warmth in the weekend forecasts at the moment, there does at least seem to be ideas of an end to deluges of rain, what rains are likely to be around are cited to be scattered and light.

Wheat is lower this morning with the July contract 7c easier at $8.44/bushel. Reports are coming in that yields are consistently better than normal as the U.S. winter-crop harvest progresses in states from Texas to Kansas.

It will also be interesting tonight if there is a pre-weekend sell-off in corn, as wheat is clearly the weak leg of the trio at the moment. As one analyst said last night "If this corn ever stabilizes or works its way down, then this wheat could go a lot faster to the downside."