Overnight market developments - all up again!

Corn currently stands around 7c higher, wheat 6 up and beans up 9c.

Recent heavy rains in Missouri in particular leading to concerns for the future of the corn crop there. Thats spilled over into soybeans.

Wheat is up, they say, on concerns that Australia may be too dry and that US and world demand for wheat will increase as corn prices remain high.

The fact that the IGC found an extra 8MMT of wheat yesterday alone should surely be sufficient to more than adequately cover this percieved extra demand for wheat in one fell swoop.

But no, not in the eyes of the futures market it isn't. Ignore reality and trade up on what might happen seems to be the order of the day here.