Soyameal remains strong on European feeds market

Asking prices for soyameal on the European meals and feeds market continued to rise on concerns that poor rainfall in Argentine soyabean growing areas could damage crops and reduce yields. One broker said prospects for a price correction were unlikely as long as there was too little rain in Argentina.
South American soyameal was mostly offered between unchanged and $12 a tonne up from Wednesday following the stronger trend in CBOT soyameal futures and also underpinned by a weaker dollar. Rapemeal was mostly quoted between unchanged and two euros per tonne higher, tracking firmer soyameal. Gains were limited by the weaker dollar, which weighs on products quoted in euros, and technical weakness in rapeseed futures.