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European feeds-Soymeal tad lower on positioning ahead of data

European feeds-Soymeal tad lower on positioning ahead of data

Wed Jan 10 2018


Soymeal on the European meals and feeds market eased slightly on Wednesday, tracking technical selling in CBOT soymeal futures on expectations of ample global soybean supplies.


“The market is eyeing the USDA data due on Friday and takes its cue mostly from Chicago, where traders believe we could see bearish data,” one broker said.


South American soymeal was mostly offered between unchanged and $3 a tonne down from Tuesday, tracking the easier trend in CBOT soymeal futures.


Rapemeal was mostly quoted mixed at between one euro per tonne higher and one euro lower, pressured by easier soymeal and technical weakness in rapeseed futures.


Buyers showed little interest ahead of the USDA reports and no business was reported.


Source: Reuters

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