Soyameal asking prices on the European meals and feeds market firmed on Thursday following the previous day's trend in CBOT soyameal futures on the back of technical buying in soyaoil and soyabean futures due to a rally in energy markets.
"Prices on the European cash market were mostly fixed on the close in Chicago the day before. Buyers for soyameal were not very impressed seeing today's futures losing a little. The higher levels did trigger some nearby demand in rapemeal," one broker said.
South American soyameal was offered $2 to $6 a tonne up from Wednesday, following last night's firmer CBOT soyameal futures close. Buyers showed little interest as they were not convinced stronger markets would hold. No trades were seen.
EU rapemeal followed the trend in soyameal and was supported by a firmer dollar, which underpins euro-priced products with offerings between unchanged and three euros per tonne higher. Slightly easier rapeseed futures limited the gains somewhat. The firmer trend caused some business on nearby positions, mostly at around initial asking prices.
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