ROTTERDAM: Soymeal on the European meals and feeds market slipped on Thursday, tracking weaker CBOT soymeal futures on profit-taking following recent gains because of worries over a lack of rain in the Argentine soybean belt.
"We are still in a South American weather market and prices found some resistance because of profit-taking. A new rally could occur any time still as the market still feels bullish," one broker said.
South American soymeal was mostly offered between $2 and $6 a tonne lower after CBOT soymeal futures have continued to ease since Wednesday.
Rapemeal was quoted between unchanged and two euros per tonne down from Wednesday, following the lower trend in soymeal. Easier rapeseed futures, down on a record 2017 Canadian canola crop estimate, also weighed.
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