Jonathan Lane, Gleadell’s Trading Manager, comments on the OSR market

Chicago soybean futures have continued to rally throughout the week on technical strength and tight US supplies. In Brazil rains are slowing the harvest in some areas and some analysts have reduced the Brazilian crop size although it is still predicted to be a record crop. Moderate levels of farmer selling have been seen in Argentina. The market still waits in anticipation of large volumes of Chinese purchases from the US.

In Europe higher prices have brought good volumes of seed to the market but the MATIF continues to move up. Some Australian seed has been diverted to other destinations but seed will arrive in April.  

The UK delivered market remains too strong to allow exports but we do continue to see enquiries. The recent rise in prices has brought good volumes of seed to the market. The new crop market has seen some activity but in small amounts.