Overnight market developments

Corn set fresh all-time highs again overnight, adding to Friday night's strong gains with July hitting $7.57 3/4c, before easing back slightly on profit-taking, July currently stands 18c firmer at $7.49 3/4c. July beans are 20c firmer at $15.80 and July wheat is following along for the ride 3 1/2c firmer.

National Australia Bank Ltd has dropped it's 2008 Australian wheat output estimate to 24.3 million metric tons, down from the 25.1 million tons estimated last month, but still 85% up on last year's 13.1MMT.

The corn market has a classic "buy the rumour" look to it and it may not be until the harvest is upon us that things start to ease back.