Soyameal easier on European feeds market

Soyameal on the European meals and feeds market was mostly easier on Thursday on expectations Chicago soyameal futures would succumb to profit taking following recent sharp gains. "Most players on the European cash market believed Chicago's reaction to Friday's USDA report was somewhat overdone and the market was ready to come down. General lack of demand also weighed," one broker said.
South American soyameal was mostly offered between $4 a tonne down and $3 up from Wednesday despite Chicago soyameal futures showing technical strength. Buyers were not interested at current levels and no deals were seen. EU rapemeal was quoted between unchanged and two euros per tonne higher, tracking Canadian canola futures, which hit a four-year high on short-covering by commodity funds. An easier dollar, which weighs on euro-priced rapemeal and profit taking in rapeseed futures limited gains. No deals were seen.