Wheat markets jumped 5pc, oilseeds gained 2pc and soybean oil rose 4pc.

• Chicago wheat May contract up US48.5cents per bushel to 852.5c/bu;
• Kansas wheat May contract up 47c/bu to 887c/bu;
• Minneapolis wheat May up 26.5c/bu to 987.75c/bu;
• MATIF wheat May contract up €5.75/t to €284.50/t;
• Black Sea wheat March contract up $1.25/t to $310/t
• Corn May contract up 19.75c/bu to 672.5c/bu;
• Soybeans May contract up 31.5c/bu to 1635c/bu;
• Winnipeg canola May 2022 contract up C$14.80/t to $1026.90/t;
• MATIF rapeseed May 2022 contract up €13.50/t to €729.50/t;
• ASX March 2022 wheat contract up A$4/t to A$366/t;
• ASX Jan 2023 wheat contract up $9/t to $375/t;
• AUD dollar firmer at US$0.722;
• Crude oil up 1pc;
• Dow Jones Industrials Average down 1pc.

International

Following the US markets being closed on Monday for Presidents’ Day, news overnight that Russian forces have entered Ukraine saw wheat values rocket upwards. It shows the market is looking for one of the first sanctions imposed on Russia restricting its wheat exports.

Australia

Local markets were firm yesterday amid increased volume traded.  Barley markets were relatively steady, while canola continued to rally along the east coast. We are now seeing more moisture build in the eight-day BOM forecast, with 50 millimetres possible in Queensland and northern New South Wales cropping regions.