ROTTERDAM: Soymeal on the European meals and feeds market continued firmer on Wednesday on concerns that excessive rains in Argentina could hurt the crop.
"Adverse weather in Argentina boosted follow-though technical and speculative buying in Chicago soycomplex futures on Tuesday and the European cash market was mostly fixed on yesterday's CBOT close," one broker said.
South American soymeal was mostly offered between unchanged and $3 a tonne higher. Buyers were holding back, believing the CBOT market is overbought and bound for a technical reaction. No trades were reported.
EU rapemeal was quoted between three euros per tonne up and one euro down. A weak dollar and slightly easier rapeseed futures, because of technical selling, limited gains. Bids were scarce and no deals were seen.
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