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

The oilseeds complex has moved lower this week, led by soybeans, then a progressing US harvest, dollar strength and some better weather in Brazil.  

In Europe there is little farmer selling.  The market has eased with MATIF rapeseed – at the time of writing – down €11/t on the week.

This is now back to its trading range after breaking higher last week. The question is will the market now be able to test last week’s highs on a lack of farmer selling/crush demand, or will we drift lower and potentially post new lows? The long-term fundamental picture is one of plentiful supply for rapeseed.

Ex-farm UK prices have eased in line with the futures market and are now well below the £250/t ex farm that we saw last week. We maintain our view that modest increases represent good selling opportunities.