Overnight Markets

The overnight eCBOT markets are a little firmer Monday morning on reports of weekend frosts in Argentina further hurting corn and wheat crops.

Dryness there is also hindering soybean plantings.

At 8.30GMT soybeans on eCBOT are 6-8c higher, with wheat 5c up and corn around 2c firmer.

Crude is a little lower at $49.90/barrel on speculation further production cuts by the Organization of Petroleum Exporting Countries won’t be enough to prevent a glut in supplies.

Meanwhile the pound is little changed against the dollar at $1.4910 before Prime Minister Gordon Brown outlines spending plans to aid U.K. companies and consumers and Chancellor of the Exchequer Alistair Darling delivers his pre-budget report.