Jonathan Lane, Gleadell's Trading Manager, comments on the OSR market

Chicago soybeans have rallied throughout the week on tight US supplies. In Brazil the harvest is around 25% complete thanks to favourable weather. The now familiar story of tight US supplies versus ample global stocks continues and the market waits for South American new crop to enter global markets.

In Europe the rally in MATIF futures has seen May 14 values return to levels not seen since September. This has pushed ex-farm prices to €400/t, encouraging plenty of farmer selling.

UK rapeseed remains expensive but we have seen large volumes of seed coming forward from farms as crushers turn their attention to the Apr/May/June positions.