U.S. grain futures came under pressure during European morning trade on Wednesday, as investors continued to cut their exposure to riskier assets amid growing concerns over political turmoil in Greece. Agricultural commodities were affected by broader market risk aversion, as concerns over Greece’s future in the single currency bloc mounted on Tuesday after Alexis Tsipras, the head of Greece’s second-biggest party Syriza, declared that Greece’s financial aid package is null and void, and called for a moratorium on Greek debt payments. The political uncertainty fuelled fears that Greece will not have a government in place in time to secure its next tranche of international aid next month, as new elections look increasingly likely, fanning fears over a potential default and exit from the euro zone. Investors were also fearful that French president-elect Francois Hollande’s focus on growth rather than austerity measures as a means to tackle the euro zone’s debt crisis could spark tensions with Germany. The heightened sense of risk aversion prompted investors to shun riskier assets, such as stocks and industrial commodities, and flock to the relative safety of the U.S. dollar. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.25% to trade at 80.13, the highest since April 16. A stronger dollar reduces the appeal of U.S. crops to overseas buyers and makes commodities less attractive as an alternative investment. Meanwhile, grain traders readjusted positions ahead of the release of a key monthly U.S. government report on U.S. and global grain supplies on Thursday. On the Chicago Mercantile Exchange, corn futures for July delivery traded at USD6.2038 a bushel during European morning trade, shedding 0.35%. It earlier fell by as much as 0.4% to trade at a session low of USD6.2013 a bushel. Analysts expect the USDA to cut its estimate on U.S. corn stocks, which are already at a 16-year low. Global supplies of the grain, however were seen rising to a three-year high. The U.S. produced 38% of the world’s corn last year, making it the both world’s largest corn producing nation and the largest exporter of the grain, while China is the world’s largest consumer of the grain.