rapemeal picks up on export woes

ROTTERDAM: Demand for EU rapemeal on the European meals and feeds market was strong on Thursday after a rally in rapeseed futures on talk of a possible grain export stop by Russia, market sources said.

"The rise in rapeseed futures and talk about an export stop from Russia and possible shipping delays from Argentina caused both consumer and trade buying in rapemeal and continued interest for nearby soymeal," one broker said.

EU rapemeal was offered around one to four euros per tonne up from Wednesday after a string of trades were reported including Feb/April at 180 euros per tonne fob lower Rhine, May/July traded between 169 and 171 euros and Nov/Jan at 164 euros fob.

South American soymeal was offered between $2 a tonne up and $2 down from Wednesday with front positions supported by the worries over availability while slack demand for deferred positions pressured prices.

Spot delivery Argentine high protein soymeal traded $5 up from Wednesday between $412 and $416 a tonne fob Rotterdam. Afloat Brazilian soymeal pellets changed hands at $403 a tonne cif Rotterdam and February shipment fetched $398 cif.

Copyright Reuters, 2012