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

It has been a volatile week for the oilseeds complex, with soybean meal futures leading the market higher, driven by strong US demand. This in turn attracted new fund buyers. The longer-term fundamental picture remains one of plentiful supply for beans, but the market currently has some upward momentum.

In mainland Europe we continue to see trade shorts and limited farmer selling. The MATIF rapeseed contract has ticked higher over the week, tracking soybeans. In the UK farmers could achieve £250/t ex farm for Dec/Jan positions and we saw good levels of farmer selling with crushers buying good volumes. In view of the size of the global crop we feel farmers would be wise to keep putting sales on the books as the market spikes higher.

The Australian harvest is underway and currently no major problems are reported.