Soyameal on the European meals and feeds market rose on Thursday, tracking gains in CBOT soyameal futures on fund-driven short covering on the back of hot weather in the US Midwest. "The hot and dry weather pushed wheat and corn futures higher and the soyacomplex followed. That underpinned soyameal on the cash market. Buyers were still holding back looking at ample soyabean supplies," one broker said.
South American soyameal was mostly offered between $2 and $5 a tonne higher, following the stronger trend in soyameal futures, while a stronger dollar limited gains. Bids were scarce and no business was reported. EU rapemeal was offered between one and five euros per tonne up from Wednesday, tracking firmer soyameal and supported by stronger rapeseed futures, taking their cue from gains in CBOT soyabean futures. A stronger dollar, which supports euro-priced products, also added to the strength in rapemeal. Buyers showed little interest and no deals were seen.
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