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

US soybean futures have traded higher over the week, testing resistance. USDA released its stocks report and reduced soybean stocks and the size of the 2014 crop, although the reductions were insufficient to change the supply and demand dynamics.

A clear break above the top resistance level (around $8.95) on the Dec15 contract could produce a round of short covering on futures markets.  

The MATIF futures market has traded sideways on the week with little new input. Crush margins are poor and farmer selling is light.