ROTTERDAM: Soymeal on the European meals and feeds market was offered in a tight range on Wednesday as a slightly weaker CBOT soymeal futures close was offset by expectations of bullish USDA November crop and supply/demand reports for US soybeans.
The USDA will issue the data on Thursday and analysts expect it will show a lower yield estimate.
“It was a day that both buyers and sellers were not moving a lot and were happy to hold back until after the release of the USDA numbers,” one broker said.
South American soymeal was offered between $1 a tonne down and $3 up from Tuesday, tracking slightly easier CBOT soymeal futures. No business was reported.
Rapemeal was quoted flat to one euro per tonne higher on positioning ahead of the USDA reports. Stronger rapeseed futures, taking cue from Chicago soybeans, also supported rapemeal. Buyers showed little interest and no deals were seen.
Source: Brecorder.com
