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Tuesday, January 25, 2022

European feeds-Soymeal higher as US sell-off abates, Brazil prices firm

European feeds-Soymeal higher as US sell-off abates, Brazil prices firm

PARIS: Soymeal on the European meals and feeds market rose on Wednesday after a slight recovery in US futures from the previous day’s sell-off and helped by firm premiums in Brazil.

Brazilian high-protein soymeal for July shipment was offered up $7 from Tuesday at $436 a tonne, cif Rotterdam, while Argentine high-protein soymeal for the same period was marked up $2 to $405 a tonne, cif Rotterdam.

Rising cash premiums in Brazil, where strong demand from China amid a row with Washington has coincided with logistical backlogs due to a transport dispute, were also supporting European prices, brokers said.

Rapemeal was quoted between unchanged and two euros per tonne higher, after holding up better than soymeal earlier in the week when it was supported by a falling euro.

Copyright Reuters, 2018

Source: Brecorder

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