ROTTERDAM: Soymeal on the European meals and feeds market continued to rise on Wednesday on worries about the size of the South American soybean crop but buyers were holding back waiting for fresh USDA data due on Friday, market sources said.
"Sellers continue to follow the trend in CBOT soymeal pellets, which rose again substantially at the close on Tuesday, but buyers were holding back not prepared to pay the higher levels expecting prices will come down eventually because of the slow global economic growth," one broker said.
South American soymeal was offered between $5 and $7 a tonne up from Tuesday following last night's CBOT soymeal futures close.
Most other products were offered flat to a little up with soymeal, but gains were limited by easier rapeseed futures and lower mineral oil. April delivery EU rapemeal changed hands at 202 euros per tonne fob lower Rhine, a few euros down from initial asking prices, Aug/Oct traded at 169 euros and Nov/Jan fetched 173 euros fob.
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