Chicago and Matif wheat futures both rallied 7pc overnight. Chicago extended limits will apply tonight, to 130usc/bu.

• Chicago wheat May contract up US85cents per bushel to 1294c/bu;
• Kansas wheat May contract up 37c/bu to 1251.5c/bu;
• Minneapolis wheat May up 50.5c/bu to 1197.5c/bu;
• MATIF wheat May contract up €24.75/t to €396.50/t;
• Black Sea wheat July contract up $12.25/t to $344/t
• Corn May contract down 3.5c/bu to 750.75c/bu;
• Soybeans May contract down 1c/bu to 1659.5c/bu;
• Soybean oil up 2pc;
• Winnipeg canola November 2022 contract up C$7.60 /t to $902.60/t;
• MATIF rapeseed November 2022 contract up €26/t to €717.50/t;
• ASX July 2022 wheat contract down A$6/t to $416.50/t;
• ASX Jan 2023 wheat contract up $6/t to $420/t;
• AUD dollar weaker at US$0.731;
• Dow Jones Industrials Average down 2pc;
• Brent crude oil futures up 4pc.

International

The SRW wheat futures made record prices today, finally eclipsing the 2008 previous high. Wheat added 40pc last week alone amid the deteriorating situation Ukraine.

WASDE March reports will publish on Wednesday. While it would be unlikely that WASDE news would compete with news about war to influence markets, a new set of numbers could trigger some profit taking. The manner in which USDA deals with estimates of exports from Russia and Ukraine will be interesting. US current crop wheat exports still need to increase by 5Mt to meet the previous USDA forecast number. Given the Ukraine has officially limited exports on various products including wheat it would make sense that the USDA do move the decks around.

Kansas winter wheat condition ratings fell again, 25pc of the wheat crop is rated good to excellent, 7pc in Texas, 15pc in Oklahoma.

As the pandemic enters its third year, and with more than 6 million people globally dying from the virus, not a single COVID related article this week appears on the front page.  Omicron variant now accounts for 99.5pc of global COVID reporting.

Australia

Wheat was up another $5/t across the board. Demand remained strong in WA and for protein wheat in Victoria and SA.

Barley markets continue to shift higher. Buyers try to flush out the sellers but they are slow to commit.

Canola bids dipped on Monday, but offshore Matif and Winnipeg values were up sharply so Australian canola bids will rebound today.

Viterra and nine banks partnered in a finance facility aimed at achieving sustainability targets under ISCC (International Sustainability and Carbon Certification) rules.

Australia’s east coast logistical nightmare continues as rain plays havoc, road freight has no sign of easing any time soon and fuel prices soar.

Planting will begin soon. Farmers are preparing paddocks.  Use of chicken/pig and feedlot manure has increased on the back of higher fertiliser prices and there is still a shortage of farm labour.