Jonathan Lane, Gleadell’s Trading Manager, comments on the OSR market

The Chicago soybean market has continued to weaken as long holders exit positions with the weather looking favourable.  

There has been some weather damage in Canada but as yet it is too early to accurately measure the extent of the damage. With large ending stocks we don’t feel this offers much bullish input at present. Nov14 Canola futures are down on the week.

In Europe and the Black Sea regions harvest is underway and the MATIF futures market has moved lower.  Currently we have a lack of bullish news and, with the bulk of harvest pressure yet to come, the potential for further falls remains. However, we remain cautious at these levels – the MATIF futures market has fallen roughly €50 since March.