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

The US soybean futures market has traded higher this week with delayed plantings due to wet weather the main reason cited. This halted the recent downward momentum and the ensuing short-term reversal encouraged short covering.

The MATIF futures contract has ticked higher throughout the week aided by reduced crop sizes in Europe and dryness in Canada.  There has been limited farmer selling across the Continent as some bullish inputs offer a more bullish tone.

Sterling strength against the euro remains a hindrance to UK ex-farm prices and adds volatility.