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European feeds-Soymeal edges up on technical strength in futures

European feeds-Soymeal edges up on technical strength in futuresROTTERDAM: Soymeal on the European meals and feeds market firmed on Monday, tracking technical buying in CBOT soymeal futures on Friday.

“Although bearish momentum seems to lose momentum and South American soybean planting seems to turn into a weather market, buyers here still bank on weaker prices soon when the huge US soybean harvest hits the market,” one broker said.

South American soymeal was offered between unchanged and $2 tonne higher, tracking Chicago soymeal futures and supported by a slightly lower dollar. Buyers were not willing to pay the higher prices and no trades were reported.

Rapemeal was quoted between flat and three euros per tonne lower because of slack demand and due to a weaker dollar, which weighs on euro-priced products. Bids were scarce and no business was seen.

Copyright Reuters, 2017

Source: Brecorder.com

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