Wheat markets rallied, while oil fell more than 5pc.

• Chicago wheat May contract up US58cents per bushel to 1154.25c/bu;
• Kansas wheat May contract up 57.5c/bu to 1157.5c/bu;
• Minneapolis wheat May up 40c/bu to 1110.25c/bu;
• MATIF wheat May contract up €7.75/t to €386.50/t;
• Black Sea wheat July contract up $3.25/t to $350/t;
• Corn May contract up 9.75c/bu to 758c/bu;
• Soybeans May contract down 11.75c/bu to 1658.75c/bu;
• Winnipeg canola November 2022 contract up C$1.80 /t to $934.90/t;
• MATIF rapeseed November 2022 contract down €1.25/t to €734/t;
• ASX July 2022 wheat contract unchanged at $409/t;
• ASX Jan 2023 wheat contract up $1.50/t to $412/t;
• AUD dollar unchanged at US$0.719;
• Dow Jones Industrials Average up 2pc;
• Brent crude down 7pc.

International

The crisis in Ukraine has seen countries including Egypt, Hungary, Moldova and Serbia ban exports of some products to shore up their own food security as hopes, realistic or otherwise, mount for a Russian ceasefire.

Weather is still on the radar in the US. The wintry mix favours Colorado and extends into Kansas, Oklahoma and north-west Texas, and rain will be crucial given how dry it was when many crops went into dormancy.

The Canadian Pacific Railway is set to walk off the job at midnight over a labour dispute, and this could further disrupt global supply chains.

Australia

Local markets remained sluggish yesterday with bids and offers through the wheat and barley markets wide. Values were relatively unchanged through current crop, while new- crop values were slighter weaker.