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

US soybean futures rallied throughout the early part of the week, helped by strong export figures. On Wednesday the USDA released its latest figures with US exports increased by just over 1mln tonnes, but US ending stocks still remain at the highest level since 2006/2007. Beans closed lower following the report.

There is little new to add on the European markets. The MATIF rapeseed contract remains in a tight trading range with no clear direction at present, while the physical market represents a fundamental picture of plentiful supply but a lack of volume sellers at current levels.