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

The US soybean futures market broke lower over the week and the trend is currently down in across all timeframes, with the Jan 16 contract making new lows. USDA reported an increase in US production and export sales lagging behind projections.  

MATIF futures have also ticked lower over the week. The market remains fairly quiet due to a lack of farmer selling and crushers taking a relaxed attitude, as margins are poor and the UK market is expensive compared with Europe.

Sterling has continued its move higher against the euro after continued positive news flowed into the market – UK unemployment was this week’s good news.