August 22, 2013

EU rapemeal traded up on speculative buying and rolling forward of positions, while soyoil remain subdued because of a dip in Chicago Board of Trade (CBOT) soymeal futures on profit taking.

"Business in rapemeal picked up when dealers covered needs and rolled forward positions, probably because the market felt like being close to a bottom," one broker said.

EU rapemeal was offered between €2 (US$2.70) down for nearby material to €3 (US$4) up on more deferred positions on improved demand, aided by firmer soymeal and despite a weaker tone in rapeseed futures, which took cue from CBOT soymeal on a technical dip on the outlook of a bumper US soy crop.

EU rapemeal trades included August at €195 (US$260) per tonne free on board (FOB) lower Rhine, September at €198 (US$264), November-January between €203 (US$271) and €206 (US$275), February-April traded between €203 (US$271) and €205 (US$273) and August-October 2014 fetched €195 (US$260) FOB.

South American soymeal was offered between US$2 and US$6/tonne up from Monday (Aug 19), tracking Monday's stronger CBOT soymeal futures close on fears for dry weather, while buyers were holding back hoping prices would come down eventually. No trades were reported.