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European feeds-Soymeal follows CBOT soymeal firmer on technicals

European feeds-Soymeal follows CBOT soymeal firmer on technicals

Mon Nov 13 2017

 

Soymeal on the European meals and feeds market firmed on Monday following technical strength in CBOT soymeal futures at the close on Friday, and were underpinned by a weaker dollar.

 

“The stronger prices did not rekindle much buying interest as buyers are overall bearish, especially with good crop weather in South America at the moment,” one broker said.

 

South American soymeal was offered between unchanged and $4 a ton higher on the back of Friday’s Chicago soymeal futures close. Buyers were not willing to pay the higher levels and no business was reported.

 

Rapemeal was mostly quoted between unchanged and four euros per ton up following the stronger trend in soymeal. Gains were limited by a lack of demand and because of lower rapeseed futures, on the back of an outlook for ample oilseed supplies.

 

Source: Reuters

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