Soybeans broke lower this week as the Brazilian truck dispute appeared to ease. We also saw technical (charts) turning negative for short-term traders and the US dollar continues to rally.

In Europe we have seen limited activity in the physical market. Current levels are unattractive to both farmers and crushers, with poor margins for both parties. The MATIF rapeseed market remains range bound and lacks a story either way. It feels like it’s a case of who breaks first - the farmer or the crushers?

New crop business is not discussed but it’s widely accepted that we will be looking at a smaller crop, due to lower plantings and some damage in parts of Europe. At present it’s too early to get any clear direction.  

Euro weakness continues to erode UK prices. Some farmers are tidying up old crop sales but activity is very limited.