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Markets

Soymeal narrowly mixed on contrasting leads

ROTTERDAM: Soymeal on the European meals and feeds market was offered narrowly mixed with both sides of the market cau
Published February 28, 2013

000-015ROTTERDAM: Soymeal on the European meals and feeds market was offered narrowly mixed with both sides of the market cautious as leads pointed in different directions.

 

"Both buyers and sellers took a bit of a breather, waiting to see in which direction the market develops. Weekly US export data for soybeans and meal and a reduction of the Argentine soybean crop were seen as bullish, while sentiment and slow demand was bearish," one broker said.

 

South American soymeal was offered between $3 a tonne up and $1 down, mostly in line with CBOT soymeal futures, but gains were limited by a strong dollar, which weighs on dollar-priced products.

 

Afloat Brazilian soymeal pellets changed hands at $537 a tonne cif Rotterdam.

 

Most other products were quoted between four euros per tonne up and one euro down, supported by the strength of the dollar and firmer rapeseed futures, which were supported by strength in CBOT soybean futures. No deals were reported.

Copyright Reuters, 2013

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