August 4, 2011

 

European soymeal rises on CBOT rally

 

 

Soymeal on the European meals and feeds market firmed on Wednesday (Aug 3) following the previous day's CBOT rally of soymeal futures.

 

CBOT soymeal futures rose on hot and dry weather in the US Midwest, market sources told Reuters.

 

"The Midwest weather drove the direction in Europe today but the buyers were holding back because of a technical rebound in soymeal futures and poor performances in world equity markets," one broker said.

 

South American soymeal was offered between US$1 a tonne both up and down from Tuesday (Aug 2) following that day's CBOT soymeal futures close. Bids were scarce and no deals were reported.

 

Most other products were quoted flat to slightly firmer following Tuesday's (Aug 2) Chicago soymeal and stronger rapeseed futures.

 

Buyers were staying sidelined expecting that a technical correction in Chicago and weak outside markets on worries over the global economy will eventually weigh on prices.

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