ROTTERDAM: Soymeal on Europe's meals and feeds market continued to rise on Wednesday, taking a cue from Tuesday's gains in CBOT soymeal futures, which rose sharply on export demand and the outlook for hotter and drier weather in South America's growing areas.
"Prices on the European cash market were fixed on Chicago's strong close and buyers were not prepared to pay the higher levels, anticipating levels should come down eventually," one broker said.
South American soymeal was offered between $3 and $9 a tonne up from Tuesday, in line with Tuesday's CBOT soymeal futures close. Buyers showed little interest at the current levels and no deals were reported.
Most other products were offered between one and three euros per tonne up from Tuesday, following the trend in soymeal, but gains were limited by easier rapeseed futures.
May/midJuly EU rapemeal changed hands at 210 euros per tonne fob lower Rhine and Aug/Oct fetched 200 euros fob.
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