ROTTERDAM: Soymeal on the European meals and feeds market continued to ease on slack demand on Thursday after the bullish trend because of backlogs in Brazilian ports reversed.
"After the market took a breather on Wednesday prices dropped on Thursday as demand for material that was already moving faded. But the drop could be temporary as any serious delay in shipments because of the backlogs could cause a new squeeze," one broker said.
South American soymeal was offered between $2 and $6 a tonne down from Wednesday on reduced demand, mostly discarding a stronger trend in Chicago soymeal on slow farmer selling and worries over tight old crop supplies. Buyers showed little interest and no deals were reported.
Most other products were offered around one euro per tonne up from Wednesday after worries that tight old crop supplies could lead to reduced crushing, while rapeseed futures were also supported by higher mineral oil values and a lower than expected Canadian canola acreage. But buyers were holding back at the current level and no business was seen.
<Center><b><i>Copyright Reuters, 2013</b></i><br></center>
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