ROTTERDAM: Soymeal on the European meals and feeds market was offered mixed on Thursday with nearby material gaining on fears of tight supply, while more deferred contracts eased on bearish USDA supply/demand data.
"Protein products found support due to the worries that backlogs at Brazilian ports can cause gaps in arrivals and crush in Europe is limited due to the end of the season, which causes nearby prices to rise," one broker said. "Buyers, however, are still very cautious and trying to delay purchases until the South American harvest will weigh on prices."
South American soymeal was offered between $2 a tonne up for front positions and $3 down for more distant material, mostly following the trend in CBOT soymeal futures and partly supported by a weaker dollar, which underpins dollar-priced products.
Dutch/EU high protein soymeal changed hands at $495 a tonne fob Rotterdam for June delivery and Aug/Oct traded at $468 a tonne fob.
EU rapemeal was offered one to four euros per tonne up from Wednesday, following the trend in nearby soymeal and supported by higher rapeseed futures, which saw technical buying on tightness in the last part of the crop season and worries over winterkill during the late long cold snap in Europe. Buyers showed little interest at current prices, with no deals reported.
Comments
Comments are closed.