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

An interesting week on US soybeans, which saw the market trading to new lows early on Monday following the Argentinean elections, but reversing in the afternoon to post a higher close.

We have since seen further gains, offering caution to bears with the market exposed to large short positions. Brazilian weather continues to be a talking point with too much rain in some key areas.

Margins remain poor for crushers but we see very little farmer selling across Europe. MATIF has ticked higher on the week with little new input.

The euro/sterling exchange rate has moved higher, aiding UK prices. The market is experiencing a slight pull back after the downtrend became a little over extended.