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Traders View

Date Added: 18/11/2011

Market being pulled in different directions.

 

The oilseed rape market has shown large volatility this week, with daily movements of 6 euros in each direction. The bullish and bearish points can be summarised as follows;

 

Bullish

 

1.      Crude oil price on the WTI went over $100 per barrel but has now retreated to $98 per barrel

2.      China has bought significant amounts of US soya beans partly to replace reserves.

3.      Economic situation in Italy and Greece potentially improves with new prime ministers

 

Bearish

 

1.      Corn market in the US under pressure due to poor exports

2.      Ideal weather conditions in South America mean soya plantings are progressing well

3.      Large world wheat stocks adding to bearish sentiment

4.      Debt problems in Europe now focusing on Spain.

 

Regards,

 

Owen

 

 

 

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