Jonathan Lane, Gleadell’s Trading Manager, comments on the OSR market

The oilseeds complex continues to focus on US plantings and tight old crop US supplies. This week bean plantings were reported to be 44% complete compared with 87% last year and 61% on average.  The market is very volatile at the moment and can react to any perceived delays in plantings. Wet weather in the US has caused some delays, but this has also helped to replenish soil moisture.

USDA reports that China has cancelled 147,000t of soybean purchases.

The old-crop rapeseed market remains competitive, with merchants short-covering and the crush looking for seed. We feel farmers need to be cautious here, though, as French seed could potentially trade into the UK for early July.

The new-crop rapeseed market remains very quiet both in the UK and Europe, with farmers reluctant to sell and the crush not looking to book seed.