Soymeal up on tight old crop supply worries

ROTTERDAM: Asking prices for Soymeal on the European meals and feeds market were mostly firmer on Thursday in slow trade ahead of fresh USDA supply/demand data on Friday.

"A dip in the dollar and worries over tight old crop US soybean supplies and renewed export demand supported asking prices. Buyers were not willing to pay the firmer levels in the wake of a bumper South American soybean crop, while sellers were holding back hoping that Friday's USDA data could show bullish numbers for soybeans," one broker said.

South American soymeal was offered between unchanged and $4 a tonne up from Wednesday mostly following CBOT soymeal futures and up because of the easier dollar, which underpins dollar-priced products.

Afloat Brazilian soymeal pellets changed hands at $535 a tonne fob Rotterdam from a vessel due to arrive early next week.

Most other products were offered between one euro per tonne down and two euros up, supported by strength in soymeal, but gains were limited by the dip in the dollar, which weighs on euro-priced products, and lower rapeseed futures. Bids showed little interest and no business was reported.