Markets

Soymeal down on Argentine rains

Published Updated

South American soymeal was offered between $2 and $5 a tonne down, following Friday's Chicago soymeal futures close and as a strong dollar weighed on dollar-priced products.

Bids were scarce and no deals were done, also due to the absence of a direction from Chicago, which was closed for the Martin Luther King Jr holiday.

Most other products were quoted flat to a little easier compared with Friday following the trend in soymeal, but losses were limited by steadier rapeseed futures and because of the stronger dollar, which supports euro-priced products.

No deals were reported as buyers were holding back in the easing market, waiting for a bottom.

Copyright Reuters, 2012