ROTTERDAM: Soymeal on the European meals and feeds market was offered mostly easier on Thursday, tracking CBOT soymeal futures, which eased on technical selling and because of talk about China defaulting on soybean contracts.
"After Chicago was bullish on the USDA supply/demand data, the market eased on profit taking and China cancelling a substantial amount of soybeans, which kept buyers on the European cash market on the sidelines," one broker said.
South American soymeal was mostly offered between unchanged and $7 a tonne down from Wednesday, tracking CBOT soymeal futures. Buyers showed little interest and no deals were reported.
EU rapemeal was offered between flat and three euros per tonne down in sympathy with easier soymeal and due to a dip in rapeseed futures, which eased following losses in Chicago soybean futures. A weaker dollar weighed on euro-priced products also. Bids were scarce and no business was seen.
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