Markets

Soymeal firms on lack of rain in Argentine soybean belt

Published January 8, 2018 Updated January 8, 2018 08:46pm

South American soymeal was offered between unchanged and $5 a tonne higher, tracking Friday's stronger CBOT soymeal futures close.

"The market also gained somewhat ahead of Friday's fresh USDA crop and supply/demand reports, but buyers were not following, still anticipating a bumper South American soybean crop," one broker said.

Rapemeal was mostly quoted between 1 euro and 2 euros a tonne up from Friday, tracking firmer soymeal and supported by the stronger dollar, which underpins euro-priced products. Technical weakness in rapeseed futures limited gains.

Buyers showed little interest and no business was seen.

Copyright Reuters, 2018