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

Significant volumes of old crop have been sold in France and Germany as the MATIF futures ticked higher and made premiums more attractive. Crush margins remain poor but there is some spot demand.

The rapeseed market still lacks impetus and we predict a standoff between farmers wanting higher prices and crushers, faced with poor margins, unwilling to pay. It is difficult to see a significant upward move.

The UK has also seen some farmer selling, but not in huge volumes. Farmers want higher prices and euro strength has helped deliver them, so we would advise those still holding old crop to sell.

The new crop market remains quiet. Few European farmers have sold anything and crushers are unwilling to buy. We have a neutral view – plantings are down across Europe but we should in theory have a large carry out.