Overnight Markets

It's all looking as clear as mud on the overnight eCBOT session, wheat is around 5c higher, with corn and beans flirting either side of unchanged.

Crude isn't doing a lot either after the expiry yesterday of the Feb contract, front month now is March - currently $40.84/barrel.

Rain still stubbornly avoids soy and corn areas of Argentina.

There are various wheat tenders kicking around which may explain wheat being a bit steadier.

Egypt is seeking to buy at least 55,000mt of wheat today. Japan plans to buy 157,000mt of the grain tomorrow, comprising a mixture of US, Canadian and Australian wheat. Pakistan is expected to conclude a tender for 250,000mt any origin wheat this week.

In addition South Korea is seeking to buy a total of 146,000 tons of soybean meal today.

Japan, the world's biggest corn importer, may still need to buy 1 million tonnes of the grain for March shipment according to media reports. Japan buys almost exclusively from the US.

A sharply weaker pound may be supportive to UK wheat futures as the day wears on.

Unemployment data and the BOE minutes are both due for release at 9.30am, don't be surprised to see more bad news and the pound under further pressure later in the day.