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

USDA released its prospective plantings report last night. The key points were higher stocks for soybeans and a lower planted area, leaving the big picture of a plentiful supply unchanged. The soybean futures market has traded higher overnight and the small uptrend we have seen this month remains intact.

Rapeseed futures have traded higher over the week, gaining support from firmer vegetable oils and soybeans. In the UK we see crushers booking seed on old and new crop but we don’t see them chasing the market with margins unexciting. In line with soybeans the futures market remains in an uptrend which started in early March.

The euro/sterling rate is again testing recent highs and is offering support to UK ex-farm prices.