ROTTERDAM: Soymeal on the European meals and feeds market was offered a touch firmer on Thursday on concerns about the size of the South American soybean crop and a day ahead of USDA data on prospective plantings and stocks, market sources said.
"The market is supported by belief among sellers that the dwindling South American soybean crop and expectations that the USDA report will show a larger US corn and smaller soybean acreage, which would add to smaller global oilseed stocks. Buyers were cautious and little business was seen," one broker said.
South American soymeal was offered between $1 and $3 a tonne up from Wednesday despite easing CBOT soymeal futures. Afloat Argentine high protein soymeal changed hands at $461 a tonne cif Rotterdam, and Brazilian soymeal pellets fetched $447 a tonne cif Rotterdam for afloat material.
Most other products were offered flat to several euros up ahead of the USDA data on belief that smaller global oilseed stocks will support rapeseed and rapeseed products, but buyers were cautious and no deals were reported.
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