Overnight grains steady ahead of USDA report

Overnight grains are steady this morning ahead of this afternoons USDA S&D report due at 13.30BST.

The Baltic Dry Index, a measure of shipping costs for commodities, fell yesterday to its lowest since March 2007, prompting ideas that lower freight costs will help demand for US commodities.

After prices have fallen sharply in recent sessions traders are booking some profits and squaring positions ahead of the USDA crop production figures.

Crude is a little firmer as Ike heads towards the US mainland which is also adding some modest support.

Soybeans are 11-15c higher, wheat 5-7c higher and corn flat to 2c firmer.