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

The oilseeds complex remains fairly subdued with little new fundamental input. The US soybean harvest is nearing completion and we see strong nearby demand for beans and good crush demand. In South America plantings continue and currently there are no major problems reported.

In Europe crush margins remain good on paper and crushers have booked cover into the new year. Activity remains slow with little new input and a fairly static market. The focus will begin to shift to Australia where the harvest is just beginning. The MATIF rapeseed contract continues to trade in a range and is currently unable to break higher or lower. At some point this will change, but when and which direction is difficult to call.

In the UK, meal demand has been slow. Some attribute this to the mild start to the winter but the main influence on UK prices remains the strength of sterling. A continual stream of good economic news has helped sterling firm against the euro but currency markets remain volatile.