The Chicago Board of Trade's agricultural futures are down across the board, with corn and soybeans finishing limit down.

According to CBOT's daily market wrap, Commodity News for Tommorrow, traders have been spooked by outside events on the broader financial markets.

"The dominant issue is the outside markets," it quoted one trader as saying.

"I think that's just a big headwind."

According to CBOT, December '08 corn closed US30c/bu down at 424c/bu; November '08 soybeans lost 70c/bu to 922c/bu; December '08 wheat lost 45c/bu to stand at 595.2c/bu; and December '08 oats lost 20c/bu to be 294c/bu.

Closer to home, AWB has today cut its Estimated Pool Returns for the 2008/09 AWB Eastern and Western Wheat Pools for all wheat grades except durum due to the significant softening of global wheat prices over the past fortnight.

The EPR for APW in the Eastern Pool was reduced by $30 a tonne to $326/t (FOB, GST exclusive) but the durum grade DR1 remains at $440/t.

The EPR for APW in the Western Pool was reduced by $41/t to now stand at $318/t, while the noodle grade EPR is now $318/t.

AWB Australia commodity division general manager, Mitch Morison, said the reduction in the EPRs for the Eastern and Western wheat pools reflects a significant fall in global wheat prices.

"While the Australian dollar has depreciated it has not offset the recent substantial declines in US wheat futures and global wheat prices," Mr Morison said.

"Chicago Board of Trade December wheat futures have declined over 50pc since record highs in February 2008.

"Many wheat farmers around the world increased their planting to try and take advantage of the high wheat prices last year and this factor is weighing heavily on US wheat futures.

"International wheat prices continue to decline as the Black Sea and Europe compete to attract export wheat sales."