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

The MATIF rapeseed futures market and the Chicago soybean market has traded within a tight range this week unable to break higher or lower on either old or new crop. Trading volumes have been light as the market looks towards next week’s USDA report for new impetus in the oilseeds complex.

The European physical market is quiet, crush margins are poor for old crop and short covering merchants are the best buyers. The UK physical market is similar to Europe - the old crop market has short-term, tight supply and farmers aren’t yet selling new crop in volume.

Towards the end of the week sterling firmed against the Euro following positive UK trade data, which weakened UK domestic prices.