Friday, 04 January 2013 03:50
ROTTERDAM: 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