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

The soybean harvest is around 95% complete in Brazil and 55% complete in Argentina. In the US soybean plantings are underway and the focus will soon begin to shift from South America to US crop ratings and weather.

The May MATIF futures contract expired on Wednesday and old crop levels in the UK have found some stability this week at just a little over £300/t ex farm. In our opinion when looking at risk versus reward, now is the time to sell.

New crop values in the UK are trading at about £30/t discount to old crop. We see little farmer selling here or in Europe and currently we have no problems of note across the Continent. Current supply and demand fundamentals offer little support to harvest prices.