European feeds-Soymeal up on disappointing Argentine rain

ROTTERDAM: Soymeal on the European meals and feeds market rose on Tuesday on worries over Argentine soybean yields after less rain than predicted fell in the country's soybean belt over the weekend.  * "It is still a weather market and buyers on the European cash market do not like to trade weather and most of them still believe that there will be a bumper South American soybean crop, which will pressure prices eventually," one broker said.

South American soymeal was offered between $3 and $7 a tonne up from Monday in sympathy with a jump in Chicago soymeal futures on lower-than-expected rainfall in Argentina and supported by a weaker dollar, which underpins dollar-priced products. Buyers showed little interest at the higher price levels. No deals were reported.

Most other products were offered between one and four euros per tonne up from Monday, mostly in line with soymeal and supported by both higher rapeseed futures and a weaker dollar, which weighs on dollar-priced products. Bids were scarce and no business was seen, although most dealers expected that cover at consumers was not optimal.

Copyright Reuters, 2013