Soymeal up sharply after Friday's surprise CBOT rally

ROTTERDAM: Asking prices for soymeal on the European meals and feeds market rose sharply on Monday, tracking a surprise rally in CBOT soymeal futures on Friday, following recent sharp losses on the back of the ongoing trade squabbles between the US and China.

South American soymeal was mostly offered between $7 and $15 a tonne higher, also supported by strong local markets in Brazil.

EU rapeseed was quoted between flat and 5 euros a tonne up, tracking gains in soymeal and underpinned by improved demand. Gains were capped by technical weakness in rapeseed futures, tracking a technical reversal in Chicago soybean futures after the steep gains on Friday.