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

MATIF rapeseed futures have continued to climb, pushing higher on a lack of farmer selling in Europe and harvest delays/yield loss due to snow in Canada.

Winnipeg canola futures have also pushed higher, as have vegetable oil prices generally, with palm, bean and rape oil moving up.

However, while US soybean futures have traded towards the top of the recent range on strong export demand, the market remains range bound at present.

Sterling has strengthened slightly against the euro following last week’s aggressive move lower in the overnight session. While that is potentially negative, UK delivered prices have firmed relative to futures, offsetting the higher pound as merchants and crushers look to cover pre-Christmas positions.