ROTTERDAM: Soymeal on the European meals and feeds market continued to ease on Friday because of the outlook for bumper US soybean and corn crops and due to a strong dollar that weighs on prices quoted in that currency.
"Prices continue to come down and bearish news does not seem to stop coming at the moment. It brings prices down further and keeps buyers sidelined, waiting for the market to bottom out," a broker said.
South American soymeal was mostly offered between $3 and $12 a tonne lower, ignoring a technical upward correction in CBOT soymeal futures. Buyers were holding back and no deals were reported. <0#ZM:>
EU rapemeal was offered around a euro per tonne down from Thursday, easing with soymeal on the outlook of ample global oilseed supplies. Stronger rapeseed futures because of slow farmer selling limited losses. Bids were scarce and no business was seen.
Comments
Comments are closed.