In Europe crush margins are at acceptable levels for August/September, but we don’t see large volumes of farmer selling anywhere.

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

In the US, weather continues to remain favourable for soybeans and with crop tour reports favourable there is little bullish impetus for soybeans.

In Europe crush margins are at acceptable levels for August/September, but we don’t see large volumes of farmer selling anywhere. There is enough volume coming forward to cover shorts, though not enough to significantly pressure prices. At present it feels like the market is a standoff between crushers unwilling to pay higher prices and farmers unwilling to sell much at these levels.

In the UK the physical market has firmed, driven purely by short covering merchants. However, there is a lack of seed coming off farm.