Willie Wright, Gleadell’s Oilseed Trader, recounts the week’s goings on in the global oilseed markets, which have been affected by wider financial and political issues.

Crude oil is continuing to hold recent gains that have come from political fears surrounding Iran and increased confidence in the economic recovery. Crude is now at an all-time high when converted into Sterling which may become an inflationary issue.

Soybeans have broken through their technical resistance and could possibly move higher. Weather issues in South America have settled, although the potential production losses may underpin the market in the short term. Soybean sales to China continue to remain healthy.

Old crop rapeseed continues to hold its recent gains and, with Sterling swinging around against the Euro, farmers are achieving £370 ex farm in a number of locations. New crop rapeseed has reached £350 ex farm that has rightly brought some good farm selling.

The recent weather issues in Ukraine and surrounding Black Sea countries have dissipated with the market place unsure of what, if any, winterkill damage has taken place. It would appear the dry weather problems pre-Christmas had a greater impact on rapeseed development than the recent cold weather.

Greece has agreed to a new round of austerity measures that has given the general market place some comfort in the short term.