Soyameal on the European meals and feeds market jumped on Thursday following gains in CBOT soyameal futures at the previous close on bargain hunting and technical buying. "Although asking prices were fixed on Wednesday's strong Chicago close it did not exert much demand. Buyers believed prices should come down substantially because of the outlook for a huge South American soyabean harvest," one broker said.
South American soyameal was offered between $5 and $8 a tonne higher, tracking the stronger CBOT soyameal futures close, while a dip in the dollar also underpinned prices quoted in that currency. Buyers showed little interest and no deals were reported.
EU rapemeal was quoted between unchanged and four euros per tonne higher following the firmer trend in soyameal and on some concerns that old crop material could become scarce towards the end of the crop year. The new crop year starts in August. Buyers were not willing to pay the higher prices and no trades were seen.
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