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

There is still very little farmer selling across Europe, Australia and elsewhere, but with crushers’ margins being so poor the market remains in a big stand off. EU crushers only have margins in the spot positions.

In South America the weather is still of concern for soyabeans - too wet in some parts, very dry in others. Funds covered around 800,000t (about one sixth) of their soybean short positions on Wednesday (1 December), with soybean oil firming and meal also attempting to turn higher.

In summary we need to keep watching the US soybean market; it offers a glimmer of hope.