Overnight developments - eCBOT nudges higher, crude lower

News that Korea may have bought another five to six cargoes of corn and could buy more plus ongoing US weather uncertainties see corn up around 2c this morning.

Korea have also been in the market for wheat overnight purchasing two cargoes from the US (165,000mt) and Japan is tendering for 178,000mt today. This is business that the US would traditionally expect to get at this time of year. This sees eCBOT wheat 4-5d higher this morning.

Beans are around 8c firmer as there is no sign of the Argy farmers dispute ending anytime soon.

Crude is down to $121.75/barrel on continued evidence that even gas-guzzling US consumers have had enough and have actually had the temerity to cut back their usage.

The pound is down to $1.9515, having briefly dipped below $1.95 on the general economic malaise. The BOE is widely expected to leave interest rates unchanged at noon today.