ROTTERDAM: Soymeal on the European meals and feeds market rallied on Monday following steep gains in CBOT soymeal futures on the back of concerns that a lack of rain in the Argentine soybean belt could hurt crops.
"The rise in Chicago is mostly sparked by fund buying and buyers on the European cash market are not convinced yet and stay sidelined," one broker said.
South American soymeal was offered between $7 and $14 a tonne up from Monday, tracking the steep rise in CBOT soymeal futures.
Rapemeal was quoted between one and four euros per tonne higher, following the trend in soymeal and supported by strength in rapeseed futures, tracking the weather market in Chicago, and a stronger dollar, which supports euro-priced products.
Buyers were not prepared to pay the higher prices and no business was reported.
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