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

US soybeans have been steady on the week following Tuesday’s USDA report, which left an unchanged picture of an ample supply of soybeans. We are seeing soybean meal weaken with bean oil firming. 

MATIF rapeseed futures continue to drift lower as weak margins and large imports weigh on prices. 

The UK market is seeing a lack of farmer selling as old and new crop drift slightly below target levels; equally crushers aren’t chasing seed. However, export opportunities remain for old and new crop as a lack of farmer selling in certain parts of Europe is tightening supply in some areas. The strength of the euro against the pound continues to support UK prices and we feel there is further upside potential in exchange rates.