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

CBOT soybean futures remain supported with strong fundamental demand and positive technical signals following the market’s breakout from its relatively tight trading range two weeks ago.

Matif futures have also continued to tick upwards, with February futures at contract highs as the market attempts to draw some physical sellers.

In the UK, ex-farm prices have again touched £350/t for many farmers and this has stimulated some selling. Had it not been for sterling’s recovery against the euro over the past three to four weeks, UK ex-farm prices would be around £360/t, based on the rise in futures.

We do see some crusher buying in the UK, but crushers aren’t chasing offers higher.

New crop business continues to trickle forward from farm, with little activity in the inter-merchant market.