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

We are in the midst of a very complex situation with US and European weather, harvest progress against spot demand, the macro-economic environment and currency all pulling on the markets.

The funds in the US are still long, waiting to see how big USDA’s predicted corn and soybean yield reduction in its 10th August report will be. In the interim, the market continues to swing with the weather forecasts.

In Northern Europe, rain delays have stopped harvest progress. Crops cut to date are reported as having encouraging yields, generally higher than last year.

EU28 production is now pegged at 22mln t, with the UK likely to reach 2mln t.