Jonathan Lane,
Gleadell’s Trading Manager, comments on the OSR market
= With the South American
harvest nearing completion the focus is now turning to US plantings and Friday’s
USDA report, where US ending stocks and production figures will be of principal
interest.
È Canadian statistics agency Statscan
estimates canola ending stocks at a record high of 9.02mln t.
È In Europe farmer selling remains limited but,
with crops looking good across the Continent, the market is anticipating a wave
of harvest selling with farmers needing to move seed quickly.
 |
| Canola cultivation, Binalong, NSW. (Photo credit: jemasmith) |
Crush margins are profitable
for harvest but are poor against historical levels for that period. With
no weather problems in sight, ex-farm physical prices are weakening in relation
to t
he futures markets as we get closer to harvest. The MATIF futures market
has weakened roughly €20/t in the past two weeks due to a lack of bullish
input.
The Global Miller
This blog is maintained by The Global Miller staff and is supported by the magazine GFMT which is published by Perendale Publishers Limited.
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