ROTTERDAM: Soymeal on the European meals and feeds market rose sharply on Thursday on concerns that dry weather in Argentina could damage the soybean crop, while a weaker dollar also lent support.
"The market was fixed on Wednesday's Chicago close. There was no direction from CBOT markets today because they are closed for Thanksgiving Day holiday," one broker said.
South American soymeal was mostly offered between $5 and $8 a tonne up from Wednesday, tracking Wednesday's rally in CBOT soymeal futures on worries the La Nina weather pattern could cause a dry spell in South America's soybean belt.
Rapemeal was quoted between unchanged and two euros per tonne higher, tracking firmer soymeal. Gains were limited by a weaker dollar, which weighs on euro-priced products, and due to technical weakness in rapeseed futures.
Buyers showed little interest, despite the current firmer trend, as they are banking on ample supplies of oilseeds. No trades were reported.
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