ROTTERDAM Jan 8 Soymeal prices on the European
meals and feeds market firmed on Wednesday following Tuesday's
stronger CBOT soymeal futures because of short-covering ahead of
the expiry of the January contract next week.
* "Chicago rose on technicals mostly and a firm local cash
market was supportive to soymeal futures also. Prices on the
European cash market were fixed on Tuesday's soymeal futures
close. There were some negotiations in soymeal but the gap of
several dollars between buyers and sellers was too large to come
to agreement," one broker said.
* South American soymeal was offered between unchanged and
$7 per tonne up from Tuesday, following Tuesday's CBOT soymeal
futures close. No trades were reported.
* Buyers were also holding back on expectations that CBOT
soybean complex futures could come down after Monsanto Co
, the world's largest seed company, reported an increase
in soybean seed sales and a drop in corn seed sales in its
quarterly earnings. This could mean a larger acreage sown to
soybeans in 2014..
* Most other products were offered between one and three
euros per tonne down from Tuesday in sympathy with a drop in
rapeseed futures on technical selling and long liquidation.
* May/mid-July EU rapemeal changed hands at 209 euros per
tonne fob lower Rhine.