EU feed market sees soymeal offered higher

Soymeal on the European meals and feeds market was steadier due to a lack of a direction from Chicago that was closed on Monday (Jan 18), market sources said.

"Sellers tried to bring up the market a little, but the feel in general is bearish with good crop weather in South America and a strong dollar," one broker said.

South American soymeal was offered flat to US$1 up from Monday. Afloat Argentine high protein traded at US$419 a tonne Cost, Insurance and Freight (CIF) Rotterdam, around US$9 under initial asking prices.

Most other products were offered flat to a little easier with barely steady rapeseed futures and a strong dollar. March-April EU rapeseed meal changed hands at EUR156 per tonne Free On Board (FOB) lower Rhine, May to mid-July fetched EUR124 and November-April traded at EUR128 FOB.