European feeds-Soymeal up as Chinese demand fears fade

ROTTERDAM: Soymeal on the European meals and feeds market firmed on Tuesday following gains in CBOT soymeal futures as concerns faded that a Chinese swine fever outbreak could reduce demand. The ongoing US/Chinese trade dispute also boosted futures.

South American soymeal was mostly offered between unchanged and $4 a tonne higher, tracking stronger CBOT soymeal futures. The market was also underpinned by concerns that new Argentine tax and tariff measures could mean farmers will slow down sales tightening supplies.

EU rapemeal was quoted between unchanged and one euro per tonne lower, pressured by lack of buyers. A stronger dollar, which underpins products quoted in euros, limited losses as did firmer rapeseed futures, tracking gains in Chicago soybeans.