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

An interesting week for the CBOT soybean market saw prices rally aggressively and heavy fund buying.

In terms of the fundamental picture the only real bullish story is the fact it’s excessively wet in parts of Argentina, which is damaging crops and delaying harvest. The bullish price action has drawn trend-following fund money into the market.

MATIF rapeseed futures are little changed on the week which gives pause for thought when you see the aggressive move higher in beans.

The European physical market has been fairly quiet and in the UK we have seen only sporadic farmer selling. Crushers also have a fairly relaxed attitude and at present don’t feel the need to chase prices.