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European feeds-Soymeal eases on lack of demand

European feeds-Soymeal eases on lack of demand

Thu Dec 28 2017

 

Soymeal on the European meals and feeds market eased on Thursday due to a lack of demand and losses in CBOT soymeal futures on the back of profit taking following recent gains.

 

“There is little going on in the cash market as most players have already closed their books for this year with only one more trading day to go,” one broker said.

 

South American soymeal mostly offered between $1 and $3 a ton down from Wednesday, following the weaker trend in Chicago soymeal futures. A weaker dollar, which underpins prices quoted in that currency, limited losses.

 

Rapemeal was quoted between flat and four euros per ton lower, tracking weaker soymeal and pressured by a lack of buyers. Both technical weakness in rapeseed futures and a lower dollar, which weighs on euro-priced products, also added to the weakness in rapemeal.

 

Bids were scarce and no business was reported as the market was grinding to a halt before the New Year break.

 

Source: Reuters

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