European soybean meal prices rise, tracking stronger CBOT futures

European soybean meal prices rose Feb. 5, tracking gains in Chicago Board of Trade futures. The futures rose after US President Donald Trump said in a Truth Social post Feb. 5 that China had agreed to buy additional volumes of US soybeans in the current season. According to media reports, China may purchase 20 million metric tons of US soybeans in the current season despite cheaper Brazilian supply, a move reportedly linked to diplomatic considerations ahead of Trump’s planned April visit. CBOT soybean meal futures rose 2.6% for the March contract on Feb. 5. A Spanish buyer linked the price movement directly to political developments: “In the end, it is a matter of what Trump tweeted yesterday.” In Spain, EXW soybean meal offers increased to Eur335/mt for loading through June on Feb. 5, from Eur324/mt, while spot buying interest was reported at Eur328/mt, according to market sources. In Northern Europe, a Netherlands-based trader said the price direction will depend on the ...