Overnight developments - mostly steadier ahead of USDA

It's a big day in the grains markets with the USDA revised report on planting, harvesting & quarterly stocks estimates due at 13.30BST.

The overnight markets are understandably nervous ahead of these figures. Corn continues to push higher, close to it's recent record, heading for the biggest monthly gain in 20 years, on speculation the U.S. government will cut its planting and harvest estimates today. Corn is currently around 3-4c firmer.

Bean acres are also likely to be down on the USDA's last March estimate due to the well-publicised Midwest flooding. Old crop months are 10-12c higher this morning, with new crop 6-8c firmer.

Wheat is up slightly, following corn & in a small rebound from Friday's steep losses. With the US in the middle of harvesting winter wheat the report is not so critical for wheat prices. Wheat is currently 2-3c firmer.

If all that isn't enough excitement for one day don't forget that the USDA will also release it's latest planting progress & crop condition report after the close tonight.

The most significant things to watch for here are a) corn conditions; b) soybean planting progress & conditions c) winter wheat harvest progress and d) spring wheat crop conditions.