Soymeal down on Argentine weather

ROTTERDAM: Soymeal on the European meals and feeds market dropped sharply on Monday with technical selling in Chicago soymeal futures on beneficial rains in Argentina and disappointing weekly US soybean exports.

"It remains a weather market and dealers on the European cash market do not like to trade weather," one broker said.

South American soymeal was offered between $7 and $19 a tonne down from Friday following a dip in CBOT soymeal futures on rains in Argentina and a good harvest pace in Brazil. Buyers were holding back waiting for the market to bottom out. No deals were reported.

Most other products were offered between two and three euros per tonne down from Friday in sympathy with weakness in soymeal and following the trend in rapeseed futures, which dropped with Chicago soybeans on prospects for larger world oilseed stocks. Buyers showed little interest and no business was reported.