ROTTERDAM: Soymeal on the European meals and feeds market rallied on Monday, tracking CBOT soycomplex futures that rose sharply on fears that hot and dry weather in parts of the US Midwest could damage crops.
South American soymeal was mostly offered between $10 and $18 tonne up from Friday, tracking substantial gains in Chicago soymeal futures. The steep gains discouraged buyers from entering the market and no trades were reported.
"Asking prices went up but there was hardly a reaction from buyers, who still believe there are ample supplies," one broker said.
EU rapemeal was quoted between 2 euros and 4 euros a tonne higher, tracking strength in soymeal and supported by stronger rapeseed, which followed the trend in Chicago soybeans. Bids were scarce and no deals were reported.
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