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

US soybean futures have continued to trade higher over the week. Funds have been buying and the market has traded up to the $10/bushel mark for the first time since August.

It’s interesting that beans have been able to tick higher during the harvest period with reports of good yields. Demand remains strong and there are also some whispers of less-than-ideal planting conditions in South America, with excessive rains.

MATIF rapeseed has continued to trade higher over the week, supported by firmer Canadian canola and soybeans – snow continues to delay harvest in that country. The futures contracts are now approaching an area of forming resistance, which suggests caution.

In the UK prices are roughly unchanged on the week. The euro/pound rate is weaker and physical prices have fallen relative to futures, as crushers are struggling for margins at current levels.