Soymeal up again on Argentine weather worries

ROTTERDAM: Soymeal on the European meals and feeds market continued to rise on Wednesday on concerns about possible crop loss in Argentine soybean growing areas due to a lack of rain.

South American soymeal was offered between $2 and $11 a tonne higher, following the strong trend in CBOT soymeal futures at the close on Tuesday.

Rapemeal was quoted between one and six euros per tonne up from Tuesday on improved demand and supported by a strong dollar, which underpins euro-priced products.

"With soymeal rallying over the last couple of days rapemeal became cheap and that caused a flurry of trades, which were mostly technical," one broker said.