Farming News - Oilseed Market Report: US harvest nears completion
Oilseed Market Report: US harvest nears completion
Jonathan Lane, Gleadell’s trading director, comments on the OSR market
Soybean futures have again found upside resistance at the top of the trading range, just above the $10 /bushel mark and futures have had a 50 cent sell-off (circa £14/ton) from that level.
News has been limited as the US harvest nears completion and the market begins to turn its focus to the US election and next week’s USDA report.
Weather is improving in Canada, which should allow harvest to resume in snow-affected areas.
The MATIF rapeseed contract has also found some upside resistance at €405 euros, at the highs of June 2015. This encouraged some long liquidation/profit taking, pushing the futures down almost €15.