September 22, 2011

European soymeal to ease slightly

Reduced demand and worries about the world economy caused soymeal on the European meals and feed sector to ease slightly, according to market sources.

According to Reuters, one broker said that it is a bit of the same since last week whereby low meat prices and high protein feeds do not invite consumers to cover although needs from November onwards are there.

South American soymeal was offered between US$1-4 a tonne up from Tuesday (Sep 20) following easier CBOT soymeal futures. Bids were scarce and no deals were reported.

Most other products were quoted flat to a touch firmer following firmer rapeseed futures, but gains were limited by easier soymeal and a weaker dollar, which weighs on euro-priced products. Both November/January and February/April were said to have changed hands at EUR180/tonne (US$244) fob lower Rhine, but dealers could not confirm the deals.