ROTTERDAM: Soymeal on the European meals and feeds market was offered slightly firmer on Monday because of concerns over harvest-delaying rains in key US soybean growing areas and dry weather in parts of the Brazilian soybean belt that could slow planting.
South American soymeal was mostly offered between $3 a tonne higher and $2 lower. Buyers were still holding back ahead of Thursday's monthly USDA crop and supply and demand reports. No business was reported.
"The Chicago soycomplex slowly turns into a weather market again and bearish sentiment because of the outlook for a bumper 2017 US soybean harvest lost momentum," one broker said.
EU rapemeal was quoted between unchanged and 4 euros a tonne up from Friday, tracking strength in soymeal and because of positioning ahead of Thursday's USDA reports. Bids were scarce and no deals were seen.
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