ROTTERDAM: Soymeal prices on the European meals and feeds market rallied on Tuesday on concerns that heavy rains in Argentina could cut soybean yields.
"The European cash market followed the weather market in Chicago. Buyers believe CBOT soycomplex is overbought and ready for a correction," one broker said.
South American soymeal was mostly offered at between $3 and $10 a tonne up, tracking sharply higher CBOT soymeal futures. A weaker dollar also supported prices. Buyers were not prepared to pay the higher prices expecting the market to come down soon and no business was reported. <0#1SM:>
EU rapemeal was quoted between unchanged and one euro per tonne up from Monday, tracking soyoil and firmer rapeseed futures, which were up with CBOT soybeans on the Argentine weather. Dollar weakness, which weighs on euro-priced products, limited gains.
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