European feeds-Soymeal up again with futures on US rain

ROTTERDAM: Soymeal on the European meals and feeds market had another strong session on Wednesday, following a higher CBOT soymeal futures close the day before on worries that rain in the US soybean belt could delay the upcoming harvest.

South American soymeal was mostly offered between $1 and $7 a tonne higher, also underpinned by concerns that new Argentine tax and tariff measures could lead to tight arrivals into Europe if Argentine farmers decide to slow selling of soybeans.

EU rapemeal was mostly quoted between unchanged and one euro per tonne down from Tuesday as lack of buyers and a weaker dollar, which weighs on euro-priced products, pressured prices.