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

Rapeseed prices on the Matif contract fell sharply again as Chicago soy prices tumbled.

Imports of rapeseed into the EU will exceed previous forecasts and this, combined with lower crush demand, will result in higher than expected ending stocks. Old crop Australian imports are likely to still be arriving as European farmers start to harvest the 2017/18 crop.

UK farmgate prices have been cushioned by the sharp decline in sterling due to the prospect of a hung parliament or a Corbyn government.

The global view on oilseeds remains bearish and if we see Mrs May elected with a sizeable majority next week we could expect to see a recovery in sterling, which would undermine our domestic prices.

In short politics and currency swings continue to be the key driver in the UK market.