Soyameal prices on the European meals and feeds market were offered narrowly mixed on Thursday, adjusting for overnight movements in Chicago futures in a session lacking impetus before the year-end holidays. South American soyameal was mostly offered between $2 a tonne up and $2 down, as the European market factored in a bounce in Chicago soyabean and soyameal at Wednesday's close followed by a drop on Thursday that kept US futures around a one-month low.
Soya markets have been supported by brisk Chinese demand for US soyabeans and dry conditions in Argentine crop belts, but rain relief in Argentina this week has shifted attention back towards ample global supplies. Like other commodity markets, meals have also been adjusting to exchange rates in a week when the dollar hit a new 14-year high against the euro and a basket of currencies, before consolidating.
EU rapemeal was quoted between 2 euros higher and 1 euro per tonne down. No significant trading was confirmed in soya or rapemeal. Trading on physical and futures markets has been winding down this week before the Christmas holiday. Markets will be shut on Monday and activity is expected to remain light until after the New Year holiday.
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