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

Soybeans have consolidated on the week, finding some upside resistance just below $11/bushel. Soybean oil has weakened while meal continues its uptrend.

MATIF futures markets have held near the highs, similar to soybeans. The physical market has seen new crop cargoes trading out of the UK for harvest, but flat-price business is limited due to a lack of farmer selling.

UK rapeseed has been hit this week by a firmer sterling/euro rate as the Remain vote takes a lead in some Brexit polls. We commented a few weeks ago that currency looked precarious and some seller pressure has materialised, with trends turning downwards.