The latest analysis by Gleadell grains, provided by trading manager Jonathan Lane, shows the crisis in the Eurozone is still governing the markets. US Soybean prices have tried to rally higher after their $3 fall from four weeks ago, but appear to be struggling at these levels. Front month November 11 looks to have its contract high-low in place before it expires, although there is potential of a small rally pre-USDA report on 9th November.

Rapeseed prices moved sideways - higher over the last seven days - waiting in anticipation for details of Eurozone discussions this week. Once again, a tacit agreement has been reached which may give the markets some comfort and the politicians some time. Unfortunately, it will take a lot longer for the weaker EU countries to demonstrate their austerity packages and for the Eurozone to get full agreement for a 50% write down from the banks holding Greek debt. It looks like macroeconomic factors will continue to feature in our markets for some time to come.

Clubroot has been confirmed in some Canadian Canola plants – this can cut yields on average by about 25%.

The possible threat of weather/winter kill and a lower planted area in a number of EU countries mean it is difficult to be bearish to new crop at this time. Crush margins remain poor at the moment and may pressure nearby prices.

Pre-Christmas physical rapeseed demand remains strong with interest from both domestic buyers and the European Market.