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Prompt soymeal rallies on Midwest drought

soymeal 1ROTTERDAM: Front positions for soymeal on the European meals and feeds market continued to rally on Friday on the back of heat in the US Midwest that could damage soybean crops.

* More distant contracts were lower on profit taking on talk of showers over parts of the US soybean and corn crop.

* "The US heat was still the main factor to drive prices up further. But the break in the more deferred positions caused hope among buyers that a retreat is coming soon," a broker said.

* South American soymeal was offered between $22 a tonne up and $13 down from Thursday, mostly following CBOT soymeal futures.

* Afloat Brazilian soymeal pellets traded at $660 a tonne cif Rotterdam.

* EU rapemeal was offered between 11 euros up and unchanged from Thursday, in sympathy with soymeal and supported by higher rapeseed futures that followed higher CBOT soybeans. Buyers showed little interest at the current high levels and no deals were reported

Copyright Reuters, 2012