Soyameal down on European feeds market

Soyameal on the European meals and feeds market was slightly down on Thursday because of forecasts for beneficial rains in Argentine soyabean growing areas and because of a strong dollar. The dollar rose sharply on Thursday after the Federal Reserve raised US interest rates and signaled that increases would follow at a faster pace next year. "The market followed the easier tone in CBOT soyameal at the close on Wednesday because of Argentine rains. There was some influence from the rally in the dollar, but not significant yet," one broker said.
South American soyameal was offered between unchanged and $2 a tonne lower, tracking last night's decline in CBOT soyameal futures. Buyers were holding back, expecting the market to come down further on a brighter global oilseeds supply outlook and the strength in the dollar.