Soyameal on the European meals and feeds market firmed on Thursday, the day after a bounce in CBOT soyameal futures, on bargain buying and because of a dip in the dollar. "Soyameal prices have come down for some days on the outlook for a bumper South American soyabean crop and it was about time for it to pick up on bargain hunting," one broker said.
South American soyameal was mostly offered between $3 and $4 a tonne higher, following the trend in CBOT soyameal at the close on Wednesday. A weaker dollar also underpinned products quoted in the currency. Buyers were not prepared to pay higher prices believing a huge South American soyabean crop due in a few months will continue to weigh. No business was reported. EU rapemeal was quoted between flat and two euros per tonne up from Wednesday, tracking stronger soyameal. Slightly weaker rapeseed futures and a lower dollar, which weighs on euro-priced products, limited gains. Bids were scarce, no trades were seen.
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