Jonathan Lane, Gleadell’s trading director, comments on the OSR market

US soybeans posted a strong close last night (up 40 cents) following the USDA stocks and acreage report. The market was looking for a larger increase in acreage than was reported. This provided some upward momentum.

MATIF rapeseed futures have had a choppy week but they found some buying interest in support of US soybeans last night. Crush margins have been poor recently and, although the market has had some bullish sentiment with firmer crude and soybeans, the lack of strong margins has meant crushers are absent from the market.

The euro gained against the pound yesterday following comments from Bank of England governor Mark Carney that an interest rate cut and quantitative easing are available options post Brexit. This added £4-£5/t to ex-farm UK prices yesterday.