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

The latest USDA figures suggest the US soybean crop is 96% planted with 67% rated as good/excellent and the forecasts point to good short-term weather.

Apart from the UK, the European crop looks in excellent condition. Farmers have a low percentage of forward sales on the books so there could be a wave of selling at harvest, which could put further pressure on prices.

Crush margins in Europe are profitable for the harvest period but are poor thereafter. The meal market remains fairly firm but the rapeseed oil sector has been coming under pressure due to question marks over demand and a large European crop looming.

Both the UK delivered and export market have been very quiet. Merchants are reluctant to put on sales with little coming off farm.