ROTTERDAM: Soymeal on the European meals and feeds market was offered in a tight range on Thursday ahead of USDA's planting forecasts and quarterly stocks reports, which were issued too late in the European day for players to react to.
“Even if players were not waiting for the USDA figures there would have been little going on.
Fundamentally little has changed and there were as good as no leads to work with before the release of the USDA data," one broker said.
South American soymeal was offered between $1 a tonne down and $2 up, mostly following profit taking in CBOT soymeal futures at the close on Wednesday. A weak dollar limited losses. Bids were scarce and no deals were reported.
EU rapemeal was quoted between unchanged and four euros per tonne down, as the weak dollar weighed on euro-priced products.
A dip in rapeseed futures also added to the weaker prices. Buyers showed little interest ahead of the USDA data and no business was seen.