Wheat took a downward turn, most nearby contracts closing limit down. Crude oil eased another 2pc and the Dow again firmed 2pc.

• Chicago wheat May contract down US85cents per bushel to 1069.25c/bu;
• Kansas wheat May contract down 85c/bu to 1072.5c/bu;
• Minneapolis wheat May down 60c/bu to 1050.25c/bu;
• MATIF wheat May contract down €23/t to €363.50/t;
• Black Sea wheat July contract down $10/t to $340/t;
• Corn May contract down 28c/bu to 730c/bu;
• Soybeans May contract down 9.5c/bu to 1649.25c/bu;
• Winnipeg canola November 2022 contract down C$3.10 /t to $931.80/t;
• MATIF rapeseed November 2022 contract down €6.50/t to €727.50/t;
• ASX July 2022 wheat contract up A$2/t to $411/t;
• ASX Jan 2023 wheat contract down $2/t to $410/t;
• AUD dollar firmer at US$0.729;
• Dow Jones Industrials Average up 2pc;
• Brent crude down 2pc.

International

News that Ukraine and Russia have drawn up the terms of a cease fire cooled futures markets, the Financial Times reporting the terms of the cease fire include a cease fire, Russian withdrawal with Ukraine committing to neutrality along with de-militarisation to some extent.

Planting in Ukraine is the focus. The notion that, even with a cease fire, Ukraine goes straight back to exporting seems partially unlikely. Food security is the key and looking after a ravaged population will be the priority. There is more talk about infrastructure damage, even at a farm level. How many feet of Bourgault air seeder can a Russian T-14 Armata pull?

Global wheat buyers are active – Jordan, Iraq, Iran, South Korea and Bangladesh are all sniffing for offers. Interesting to note that despite the massive futures prices the US keeps pushing wheat, beans and corn out the door. This week’s export sales will be interesting with only nominal tonnages needed for USDA targets to be met. There are some better prospects for rain in the US, rain which is badly needed in the southern Plains.

Australia

Local wheat markets were bid a touch stronger yesterday. Barley and canola values remained relatively unchanged.

The GIAV annual golf day and dinner was held on Wednesday in Ballarat.

The April shipping program is filling in, with 50pc of the March volumes already showing up. Barley looks to be gaining some ground back in April with 700,000t already on the stem compared with 710,000t in March. Canola has 470,000t on the stem, a big month normally, but when we compare to 1Mt in March, maybe there is more to come.

We have seen more thunderstorm activity through Victoria over the past 2 days. Some areas in the Wimmera received 40-100mm. Growers are pleased to see a storm at this time of year but making access to on-farm grain stocks becomes an issue. We continue to see more rain along the east coast with another 15-25mm forecast for coastal regions over the next 8 days.