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  • Apr 29th, 2017
  • Comments Off on Soyameal prices fall on European feed market
Prices dropped in Europe's animal feed meal market on Wednesday, pushed down by falling Chicago soyameal futures on expectations of a larger than forecast US soyabean harvest this year. Traders said European buying interest was generally slack, with the feed industry hoping for further price falls as a record-large Brazilian soyabean crop arrives on world markets in the coming weeks.

European trade was reported in Argentine high protein soyameal pellets at around 328 euros ($356.5) a tonne FOB Rotterdam for spot delivery in the first week of May. There was market talk that rapeseed meal for May/July delivery traded at 205 euros ($222.8) a tonne FOB lower Rhine. No comparative business in soyameal or rapemeal was reported on Tuesday.

Benchmark Chicago soyameal futures fell 0.8 percent on Tuesday and were down about 0.6 percent in early Wednesday trade. Chicago prices were weakened as US farmers made faster progress than expected with the first stage of sowings for the new soyabean crop this year. The soyabean complex also faces downward pressure from talk US farmers could add more acres of soyabeans, which can be planted later than corn, if wet weather prevents some corn plantings.

"Brazil is now ending a record soyabean harvest this year but Brazilian export sales have been rather slow so far no doubt because of low prices," one trader said. "But the Brazilians will have to start selling sooner or later and European industry believes there will be ample soyameal supplies in coming months." The large Dutch feed industry was also in a risk-avoidance mood ahead of a public holiday in the Netherlands on Thursday. In Europe, Argentine high protein soyameal fell $3, offered for sale at 353 a tonne CIF Rotterdam for May delivery. Brazilian high protein soyameal for May delivery fell $5 to $370 a tonne CIF Rotterdam. EU-produced high-protein soyameal for June/July delivery was offered for sale down $2 at $359 a tonne FOB Rotterdam.



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