Will Ringrose, ADM Agriculture’s head of oilseeds, comments on the OSR market

CBOT soybeans have had a very choppy week. There seems to now be adequate moisture in the forecast, which has started to ease drought concerns in the eastern belt.

US soybean plantings are now reported to be 97% complete, 3% up on last week and just ahead of this time last year.

During the early part of the week, China became more active regarding imports. That, combined with the weaker US dollar and higher crude oil prices, helped add support to the market.

Malaysian palm oil firmed overnight on Tuesday following the pick-up in the soy-oil market.

For the second week running, USDA has dropped its US soybean crop ratings, down from 62% good/excellent to 60%, which is 10 points lower year on year.

Matif has firmed over the week, with August 21 now trading at €503.50 compared to last Thursday’s €490.50.

UK rapeseed crops continue to look well, but farm sales have come to an almost complete stop, with growers now waiting to see what comes into the sheds before making any more sales.

As we reach the end of the old crop season, we are still managing to place odd loads which farmers bring forward as they clear their stores. With a large inverse into new crop there is no reason for anyone to carry any old crop seed into new crop.