ROTTERDAM: Rapemeal on the European meals and feeds market dropped on Friday on technical selling as worries over tight global oilseed supplies faded due to Chinese cancellations of a substantial amount of US and Brazilian soybean contracts.
"Sentiment in the market was bearish and led to a sell-off in rapemeal, while soymeal remained dull and indecisive," one broker said.
EU rapemeal was offered between three and eight euros per tonne down following Chicago soymeal and weaker rapeseed futures. A weak dollar also weighed on euro-priced products.
South American soymeal was offered in a tight range, with Chicago soymeal futures weighing and a weak dollar supporting dollar-priced products. Buyers were waiting for the market to hit a solid bottom. No deals were reported.
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