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

The oilseeds complex is dominated by heavy fund buying on soybeans and soybean meal. The market has been ticking higher since early March but over the past two weeks the market has exploded higher due to wet weather in Argentina, which is delaying harvest and damaging crops.

Fear has gripped the markets as traders scramble to cover short positions. The move up has been impressive, but we would offer caution at these levels as a increase has already occurred.

Rapeseed has followed beans higher. We see the crushers looking for old crop business and some short covering.