Soyameal on the European meals and feeds market was offered well up from Tuesday on very strong fob markets in Brazil on hopes that China's plan to impose a 25 percent import duty on US soyabeans will increase exports. Sellers did not offer soyameal on Wednesday as they decided to sit out the implosion in the CBOT soyacomplex, which saw futures fall sharply on the China news, as they believed it was overdone.
"It is questionable if there will be a large shift in the Chinese buying pattern as around now they shift from the US to South America anyway," one broker said. South American soyameal was quoted around $8 up from Tuesday. Rapemeal was offered between one and four euros per tonne up, tracking gains in soyameal and due to firmer rapeseed futures on hopes that the Chinese import duty plan would increase demand for rapeseed.
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