June 16, 2010

Europe sees soymeal futures firm on weaker dollar

Soymeal on the European meals and feeds market was firmer on Tuesday (June 15) due to a weaker dollar, market sources said.

"The dollar continued to dominate the market and kept buyers and sellers cautiously on hold not to make mistakes," a broker said.

South American soymeal was offered US$1 to US$3 a tonne up from Monday (June 14) on the back of the weak dollar and Monday's firmer CBOT soymeal futures. Bids were scarce and no trades were reported.

Most other products were offered flat to a bit stronger following the trend in soymeal and strong rapeseed futures. August delivery EU rapeseed meal traded at EUR154 (US$189.6) a tonne FOB lower.