Overnight Grains

eCBOT grains are showing little different from Friday night's close overnight with wheat around 3c firmer, corn 3c lower and soybeans around unchanged.

Corn is under a bit of pressure on ideas that the USDA will increase ending stocks in tomorrows report as demand from the US ethanol sector wanes.

Crude oil is lower this morning, sub-$40 once again, so that will provide little in the way of support for corn.

Tomorrow's WASDE report is expected to show a reduction in world soybean supply with sharp cuts in Argentina and also a lower Brazilian crop.

Corn output in both South American countries is also likely to be reduced.

Uncertainty over the impact of drought in China on it's winter wheat crop and also some crop concerns on the US Plains are supportive to wheat.

The dollar is already around a cent off the days lows at $1.4775 against the pound.