January 8, 2014 / 6:30 PM / in 4 years

European feeds-Soymeal up with CBOT on technicals

ROTTERDAM, Jan 8 (Reuters) - 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.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below