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

Soybeans ticked to new highs, continuing the uptrend. Renewed rains in Argentina have delayed harvest and logistics, underpinning this pattern.

MATIF rapeseed has also made its highest price in 2016, mainly gaining support this year from crop losses in soybeans and palm oil. The EU physical market is fairly slow with a lack of farmer selling across Europe, unattractive margin structures and a positive market sentiment due to the soybean market.

Crude oil all continues to trade around $50/barrel. Although significantly off the lows, this price remains below the cost of production in many areas.

The euro has gained against sterling over the week as continued Brexit talk adds volatility to the markets. Technically (charts) the pound looks weak, but at present it’s all about the referendum.