Soymeal up with CBOT on good export demand

ROTTERDAM: Soymeal on the European meals and feeds market continued strong on Thursday in sympathy with CBOT soymeal futures on talk of good export demand for both US soybeans and meal, plus continued concerns over yields of the Argentine soybean crop.

"Asking prices were up again, but buyers on the cash market continue to refuse to buy the current levels also holding back on rumours that a hedge fund was forced to liquidate long positions in mineral oil, gold and other commodities, which could eventually weigh on soymeal prices too," one broker said.

South American soymeal was offered between $1 and $6 a tonne up from Wednesday following CBOT soymeal futures on strong cash markets and talk of good export demand for US soybean and soymeal. Bids were scarce and no deals were reported.

Most other products were offered between one euro up and one down, supported by a strong dollar, which underpins euro-priced products and gains in soymeal. But weakness in rapeseed futures, on the back of weak mineral oil values limited gains. Buyers showed little interest due to a general lack of faith in the market and no business was seen.