Soyameal in Europe was firmer on Wednesday, tracking gains in CBOT futures on the back of bargain buying following recent losses because of projections of a record-large South American soyabean crop and bearish US planting intentions. "It was about time for a technical correction upward following a string of bearish news. Buyers on the European cash market were still not convinced a bottom was reached and continued to hold back," one broker said.
South American soyameal was mostly offered between unchanged and $4 a tonne up from Tuesday, tracking stronger Chicago soyameal futures. Buyers were not prepared to pay the higher levels and no business was reported. EU rapemeal was mostly quoted between unchanged and two euros per tonne higher, tracking stronger soyameal and supported by rapeseed futures which gained in a technical correction and on bargain buying. Bids were scarce and no deals were seen.
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