Tuesday, 12 February 2013 05:36
ROTTERDAM: Soymeal on the European meals and feeds market dropped sharply on the back of higher than expected USDA global oilseed stocks and prospects for a bumper South American soybean crop.
* "Levels in Chicago dropped substantially and Europe followed that trend. Business was slow due to limited participation due to Carnival in parts of Europe and buyers holding back waiting for the market to reach a solid bottom," one broker said.
* South American soymeal was offered between $10 and $21 a tonne down from Friday in sympathy with sharply lower CBOT soymeal futures. Bids were scarce and no deas were reported.
* Most other products were offered between two and four euros per tonne down from Friday in line with soymeal and because of weaker rapeoil futures, which followed CBOT soybeans down on higher world oilseed stocks. Buyers showed little interest to make purchased in a falling market and no business was seen.
Copyright Reuters, 2013