Overnight Developments

Grains are mixed, mostly a little easier in the overnight eCBOT market with wheat down 7c, corn 1c easier and soybeans around a cent firmer.

The USDA S&D report due at 13.30GMT is not expected to throw up any major surprises, just a bit of tinkering with exports & ending stocks.

The pound has set a fresh all-time low against the euro of 1.1361, and currently stands at 1.14 exactly.

Against the dollar sterling is a little firmer, with the Fed widely expected to cut US interest rates a half to 0.5% next week. At 9am GMT the pound was at $1.4924.

Japan has confirmed the purchase of 83,000mt wheat, a mixture of US and Australian.

Crude is marginally weaker, 17c down at $43.35/barrel.