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

Soybeans have weakened on the week as harvest progresses with no problems of note. Today China completes the ceremonial signing of a commitment to buy a specific quantity of US soybeans, the market watches for the volume.

In mainland Europe trade is slow with a lack of farmer selling. At present we see a bit of a stand-off with poor crush margins and prices unattractive to farmers.

In the UK, ex-farm prices have ticked back above £250/t ex farm for pre-Christmas positions. This has drawn out a small amount of farmer selling but most farmers who didn’t take £250 in harvest won’t rush to take it for November. Inter-merchant trade also remains slow with the market lacking a story and price action lacking momentum.