MARKET DEVELOPMENT
European Feeds-Soymeal Firm in Wake of Chicago
European Feeds-Soymeal Firm in Wake of Chicago
30/01/2015 (Reuters) - Soymeal prices on the European meals market rose on Thursday, buoyed by gains in Chicago futures, while many other products also advanced in a quiet market, traders said.
Soymeal on the Chicago Board of Trade rose on Thursday after the release of weekly U.S. export sales which were at the high end of expectations. The lead March contract was up 0.65 percent at $339.6 a tonne by 1714 GMT.
In Europe, South American high-protein soymeal offers increased by $1 to $4 a tonne, with pellets flat to $2 higher.
One trade was reported for Brazilian pellets at $447 per tonne.
Rapemeal by contrast was lower in the wake of a fall in U.S. soybean and Malaysian palm oil futures, reflecting ample vegetable oils supplies, with offers between 1 euro and 11 euros down on the day.
Rapeseed crops in western Europe are generally developing well, but a mild autumn which boosted plant growth and bug attacks has left them vulnerable to frost damage, mainly in Germany and Britain, analysts and experts said.
Soymeal on the Chicago Board of Trade rose on Thursday after the release of weekly U.S. export sales which were at the high end of expectations. The lead March contract was up 0.65 percent at $339.6 a tonne by 1714 GMT.
In Europe, South American high-protein soymeal offers increased by $1 to $4 a tonne, with pellets flat to $2 higher.
One trade was reported for Brazilian pellets at $447 per tonne.
Rapemeal by contrast was lower in the wake of a fall in U.S. soybean and Malaysian palm oil futures, reflecting ample vegetable oils supplies, with offers between 1 euro and 11 euros down on the day.
Rapeseed crops in western Europe are generally developing well, but a mild autumn which boosted plant growth and bug attacks has left them vulnerable to frost damage, mainly in Germany and Britain, analysts and experts said.