Overnight Markets

eCBOT grains are lower overnight in consolidation from recent gains. Soybeans and wheat hit three-month highs in Chicago last night with corn posting two-month highs.

This morning beans are around 5-12c easier, with corn down around 4c and wheat around 7c lower.

Crude oil is almost a dollar easier around $48/barrel, ahead of US stocks data later today which is expected to show another increase in crude and gasoline inventories.

The dollar is also a little firmer, which is adding to the slightly more negative tone.

The pound is down against a broadly firmer euro ahead of tomorrows BOE announcement on interest rates. A further half point cut is widely anticipated.

After that attention may start to focus on what the ECB are up to with rates in the eurozone.

Just after 10am GMT the pound was 1.0939 against the euro and $1.4868 against the dollar.

London wheat has opened slightly easier, with March down GBP0.25/tonne at GBP112.00/tonne.