Soyameal firmer on European feeds market

Soyameal on the European meals and feeds market was slightly firmer on Friday, tracking technical strength in CBOT soyameal futures and support from a weaker dollar. "Asking prices were mostly fixed on last night's firmer Chicago close, but the European cash market lacks confidence to get business going," one broker said.
South American soyameal was mostly offered between unchanged and $4 a tonne higher. Buyers still believe the Chicago market is overbought and expect prices to come down eventually on ample supplies. No business was reported. EU rapemeal was quoted between unchanged and one euro per tonne up from Thursday, following the firmer trend in soyameal. Slightly easier rapeseed futures, on follow-through technical selling, and a weak dollar that weighs products offered in euros, limited gains. Bids were scarce and no trades were seen.