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

The US soybean market has traded below its recent trading range but with no real conviction. Weather in South America remains favourable but there is a lack of farmer selling at these levels.

The European physical market has weakened as farmer selling in Germany and eastern Europe eases the tight supply situation. The MATIF futures market has moved very little given the lack of new impetus. In the UK the physical market remains firm compared with Europe, as UK crushers are keen for seed to remain in the UK.

Euro weakness has been a theme of recent times and yesterday the ECB announced a larger-than-expected bond purchasing scheme. Continued euro weakness will be negative for UK rapeseed prices.