ROTTERDAM: Soymeal on the European meals and feeds market was offered mostly lower on Wednesday, tracking CBOT soymeal futures that were under pressure from the US soybean harvest and a strong dollar.
"The market trends lower as bearish sentiment and fundamentals prevail at the moment. That weaker trend discourages many buyers, waiting for the market to hit a solid bottom," one broker said.
South American soymeal was offered between $3 a tonne down and $1 up from Monday, following the trend in CBOT soymeal futures. Buyers were not prepared to step into a falling market and no deals were seen.
EU rapemeal was offered between 1 euro per tonne higher and 2 euros lower, pressured by the weaker trend in soymeal, while a strong dollar, which underpins euro-priced products, limited losses.
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