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

Rapeseed MATIF futures have continued to tick higher this week supported by firmer soybean and palm oil prices. The futures market has now erased almost all of last week’s losses, but unfortunately UK ex-farm prices still remain below the old crop highs due to the firmer pound. In Europe and the UK we have seen sellers retreat and a lack of liquidity return – farmers and merchants are still seemingly unwilling to throw in the towel on old crop.

Crush margins remain adequate in the nearby positions but we do not expect aggressive crusher buying.  

The currency market remains volatile and unpredictable with Greece again the issue.