US Wheat futures closed lower overnight as selling pressure emerged after the US long weekend based on improving weather forecasts, according to AWB.  

Cooler weather and rain through the US central plains along with better weather forecast through the Northern hemisphere's key growing regions was the key negative force pressuring the market.

Chicago Wheat for July 2012 is 23 and ¼ cents lower at 656 and ¾ US cents a bushel.

Corn futures finished lower overnight on the back of an improved weather forecast for the US Midwest with rain forecast through the next two weeks. Ideas that demand for US origin corn has fallen due to good yields in Brazil and cheaper Brazilian offers contributed to the drop overnight.

While improving weather and sluggish demand continues to pressure the market.

Chicago Corn for July 2012 is a 16 and ¾ cents lower at 561 and ¾ US cents a bushel.

Winnipeg canola futures closed higher overnight due rises in the CBOT soy complex and also unfavourable weather through Western Canada. Wet conditions due to too much rain along with frost problems have caused some paddocks to be replanted which will cause crop losses.

Winnipeg canola for July 2012 is $6.10 higher at $617.30, Canadian Dollars per tonne.

The Australian dollar is currently trading at $0.9845 USD.