European feeds-Soymeal ends short week higher on US rebound

PARIS: Soymeal on the European meals and feeds market was marked up for a second day on Thursday, as Chicago futures continued to recover from multi-month lows seen earlier in the week.

US soybean futures extended a bounce from a one-year low, while soymeal climbed further away from a five-month low, as investors shifted focus away from Tuesday's US Department of Agriculture (USDA) crop report.

The report had included a hike to forecasts for Brazilian soybean production and global soybean stocks.

Traders said the rebound looked technically driven, although concern about the impact of heavy rain on Argentina's soybean harvest was encouraging the upswing.

In Europe, South American soymeal was mostly offered between $3 and $7 a tonne higher compared with Wednesday.

The run-up in prices and the approaching Easter holiday, which will see European markets close for four days from Friday, limited buying interest.

No significant trading was confirmed in soymeal or other meals in the European market.

Euro-denominated EU rapemeal was offered unchanged to up 2 euros compared with the previous session.