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

US soybeans remain range bound, pulled between competing factors of a large US crop moving to market versus strong demand, and continued fund futures buying.
 
Matif futures have consolidated on the week around €390, which is €15 below the highs posted two weeks ago. The €400 ex-farm mark brought some selling across mainland Europe, and Australian and Canadian seed will soon begin to arrive in Europe. Global vegetable oils remain volatile, with palm oil in particular experiencing some aggressive price swings.
 
In the UK, prices have continued to ease back, due to a slightly weaker Matif and a firmer pound/euro rate. We are currently around £10/t off the highs. Crushers have taken a more relaxed tone with UK prices unattractive to margins.