European markets firmed and North American markets were shut for the holiday Monday.

• MATIF wheat May contract up €3/t to €278.75/t;
• MATIF rapeseed May 2022 contract up €12.25/t to €716/t;
• ASX March 2022 wheat contract A$4/t firmer at A$362/t;
• ASX Jan 2023 wheat contract unchanged at $366/t;
• AUD dollar firmer at US$0.719;
• Crude oil firmed 3pc.

International

The US markets were closed overnight, so the only real indication for what the grain trade thinks about the Russian situation is Matif wheat, which was firm.

Higher Matif canola overnight was surprising given how much the moisture has improved. The heart of the dryness is set to receive over 6 inches if the forecast is somewhere near the mark.

Presidents Biden and Putin have agreed to “the principle” to meet for a summit discussing “security and strategic stability in Europe,” but the meeting will only take place if Russia does not invade Ukraine.

Australia

Local wheat and barley markets were unchanged while canola bids firmed $5/t in Vic and NSW.

Early week liquidity slowed, but interest for wheat barley and canola remain strong. Buying interest for SFW wheat remains a focus through the Victorian Ports and domestic homes. Canola remains well bid through Port Kembla and Portland zones.

Barley continues to be a commodity that holds up well but the market finds hard to extract offers.

Northern NSW has seen scattered thunderstorm activity in the past 24 hours, while the first round of the early sorghum crop is coming to the finish line.