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

The soybean harvest continues in South America and at present we see no problems of note. Last night’s USDA report came in as expected by traders (showing ample supplies) and the futures market has drifted to the lows. It now looks likely support will be tested and we could see some follow-through selling for beans if the $9.50 level is taken out. Attention will soon begin to turn to US plantings/weather.

In Europe the rapeseed market is flat. It is difficult to buy large volumes of seed without paying big premiums. That said, supply and demand figures point to large volumes left on farm and Australian seed is arriving in Europe.

The UK market mirrors the continent with farmers holding seed and volume difficult to buy. The new crop markets remains inactive.