ROTTERDAM: Soymeal on the European meals and feeds market continued to fall on Monday in sympathy with CBOT soymeal futures on forecasts for beneficial planting and growing weather in the US soybean belt.
"Prices dropped further on good crop weather in the US but it did not create much business on the European cash market as most buyers were holding back waiting for the market to bottom out," one broker said.
South American soymeal was offered between $2 and $11 a tonne down from Friday, mostly in line with the lower tone in Chicago on the favourable US weather and a lower NOPA exports number for soymeal. Bids were scarce and no deals were reported.
EU rapemeal was mostly offered between one to three euros per tonne down in sympathy with soymeal and easier rapeseed futures. Buyers remained sidelined in the weakening market and no business was seen.
Comments
Comments are closed.