Jonathan Lane, Gleadell’s Trading Director, comments on the OSR market

Rapeseed prices in the UK have firmed over the week, driven by a lack of farmer selling. UK seed looks expensive compared with European seed but, with a lack of volume, sellers’ prices have continued to rise and £240/t ex farm is obtainable in the vast majority of the country for spot positions. Crushers have been reluctant to buy at these levels so short-covering merchants are dominating the trade.

In Europe we see a similar standoff between farmers and crushers but flat prices haven’t moved as aggressively as in the UK. Consequently, the MATIF futures contract has seen little movement. In summary the record EU crop and low prices compared to recent history creates a mixed picture with directionless trade.