ROTTERDAM: Soymeal on the European market continued to ease on Wednesday on follow-through selling in Chicago futures because of fears of further Chinese cancellations of US soybean contracts and talk of soy imports into the United States.
"Despite a further dip in prices buyers still remained sidelined, not risking that what they would have bought today could have been way too expensive tomorrow," one broker said.
South American soymeal was mostly offered between $2 and $11 a tonne down from Tuesday, following the trend in CBOT soymeal futures. Buyers showed little interest and no deals were reported.
EU rapemeal was offered between four and five euros per tonne down from Tuesday, tracking soymeal and in sympathy with rapeseed future, which fell on a improved global outlook because of good planting weather for canola in Canada and easier CBOT soybeans. Bids were scarce and no business was seen.
Comments
Comments are closed.