Jonathan Lane, trading manager at Gleadell provides analysis of the latest goings on in the global oilseed markets.

We have the last USDA report of the year tomorrow with indications that the USDA’s world ending soybean stocks estimate could increase by about 0.5mln/t to about 64mln/t.

Soybeans remain in a bear trend and have been stuck in a tight trading range over the last 3-4 weeks, support has been holding at $11.00 and resistance at $11.40.

World palm oil stocks, as a proportion of consumption, could fall below 8% at the end of next year - the first time this has happened in 40 years.

A drier forecast for South America, in the short term, is friendly for beans.

Crude oil has remained firm recently, particularly so considering the continued financial fear in the Eurozone and global economy - this continued strength can’t be ignored.

Spot rapeseed has recovered by €18 and is trading around £350 ex-farm, a number of farmers having missed this price on the way down, have been happy to sell at this level on the recovery. We think this is probably wise with Australian canola trading at £345 into central Europe.

New crop rapeseed is trading around £32 - £325 ex-farm for August. We have seen a number of growers starting to book prices at these levels. New crop rapeseed, however, is entering an interesting period; we have lower planting figures across Europe and real weather concerns with extremely dry conditions affecting a number of South and East European countries.