ROTTERDAM: Soymeal on the European meals and feeds market rallied on Monday, tracking a sharply higher CBOT soymeal close on Friday on the back of concerns over dry weather in Argentine soybean-growing areas.
South American soymeal was mostly offered between $5 and $9 a tonne up from Friday, though buyers were unwilling to pay the higher prices and no deals were seen.
"The market started the week with Friday's gains in Chicago in mind," one broker said, adding that buyers were content to remain on the sidelines because they have plenty of time before South American soybeans will be harvested.
Rapemeal was mostly quoted between unchanged and 3 euros a tonne higher, tracking the strong trend in soymeal. Weaker rapeseed futures, which were down on lower energy markets and lack of demand, limited gains.
Bids were scarce and no business was reported.
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