ROTTERDAM: Soymeal on the European meals and feeds market was offered in a tight range on Wednesday as technical strength in CBOT soymeal futures and a weaker dollar were offset by slow demand and the outlook of ample soybean supplies.
"Although prices jump a bit sometime, mostly on technicals, buyers on the European cash market are more bearish on fundamentals and believe US harvest pressure bringing plenty of beans should bring prices down further," one broker said.
South American soymeal was offered between $2 tonne up and $2 down from Tuesday. Buyers showed little interest and no business was seen.
Rapemeal was mostly quoted between unchanged and three euros per tonne lower, weighed down by a weaker dollar, which weighs on euro-priced products. It was also under pressure due to lack of buyers. Bids were scarce and no deals were reported.
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