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Last update: Sat, 13 Feb 2016 09am
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Soymeal down on technical selling

SoyMealROTTERDAM: Soymeal on the European meals and feeds market dropped further on Thursday with CBOT soymeal futures in technical selling on prospects for a bumper South American soybean crop and talk of more cancellations of Chinese orders for US soybeans.

 

* "Prices dropped substantially with the slide in Chicago, but it did not trigger much buying interest as buyers are waiting patiently for the market to bottom out," one broker said.

 

* South American soymeal was offered between $17 and $23 a tonne down from Wednesday in sympathy with weakness in CBOT soymeal futures and because of a strong dollar, which weighs on dollar-priced products.

 

* Most other products were quoted between three and seven euros per tonne down from Wednesday in sympathy with soymeal and weaker rapeseed futures.

 

* EU rapemeal changed hands at 243 euros per tonne fob lower Rhine for May/July and 203 euros was paid for Aug/Oct.

 

Center>Copyright Reuters, 2013