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Soymeal slightly firmer on technical correction

SoyMealROTTERDAM: Soymeal on the European meals and feeds market rebounded a little on Friday in technical correction from earlier losses with players holding back on bearish sentiment and USDA supply/demand data due on January 11.


* "The Chinese have cancelled over a million tonnes of US soybean contracts recently, South America is expected to have a bumper soybean crop and that keeps buyers sidelined from doing much purchasing right now," one broker said.


* South American soymeal was offered between unchanged and $5 a tonne up from Thursday mostly following a mild rebound in CBOT soymeal futures on Thursday.


* Most other products were quoted between 1 euro per tonne up and 3 euros down from Thursday following weakness in rapeseed futures, mostly taking their cue from CBOT soybeans. Buyers showed little interest.


Center>Copyright Reuters, 2013


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