Overnight markets - lower across the board on crop ratings

Corn is around 3c lower in the overnight eCBOT market after the USDA last night upped it's good/excellent category 2 points to 59 percent. "Given the flood damage, which is still uncertain, the crop ratings were better than expected," said one analyst.

Beans are currently 6-7c lower as Iowa floodwaters subside and the USDA said that farmers had managed to get 91% of the crop into the ground with 81% emerged.

Wheat is around 3c lower following corn. There are still some concerns around regarding the eventual size of the Australian wheat crop & dryness concerns in Argentina. These factors however are at least matched if not outweighed by imminent bumper crops in the northern hemisphere.