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

It has been a slow week on the markets. With little fresh news and the Christmas holiday period approaching, traders appear to have adopted a risk-off attitude.

CBOT soybeans continue to hold above support, consolidating above $10.20, crude oil has again ticked up to circa $55/barrel and physical vegetable oils remain supported.

The Matif rapeseed contract remains in its uptrend and we feel another €10-15 upside remains as a target.

Sterling continues to move higher versus the euro and this is largely offsetting the gains in Matif for UK prices.  Crushers are absent from the market post-Christmas, with the current UK premium structure unattractive for them to add purchases.