Soyameal rises on European feeds market

Soyameal on the European meals and feeds market rose substantially on Tuesday following concerns that a hot, dry spell in the Argentine soyabean belt could damage crops and reduce yields. "Although there was some rain in Argentina over the weekend it was seen too little to soothe concerns and the weather continues to dominate prices," one broker said.
South American soyameal was mostly offered between $5 and $9 a tonne higher, underpinned by a renewed rally in CBOT soyameal futures. Rapemeal followed the trend in soyameal with asking prices between two and five euros per tonne higher. A stronger dollar, which underpins euro-priced products, added to the strength.