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Traders View

Date Added: 25/11/2011

Economic doom and gloom

 

Markets this week have been preoccupied by the bad economic news currently coming out of Europe and the US. This has created a backdrop of fear and risk aversion so traders have looked to sell any long positions and end consumers take the view that why buy today when it could be cheaper tomorrow.  It has also been judged that some of speculative funds on Chicago soya are building up short positions with a view the market will come lower.

 

Whilst it is difficult to find too much bullish news, oilseed rape fundamentals remain positive as biodiesel demand still needs to be fulfilled. A weaker euro also makes Australian osr imports more expensive and there are question marks over European and Ukrainian plantings for next year.

 

Regards,

 

Owen

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