Soyoil down on crop prospects

ROTTERDAM: Soymeal on the European meals and feeds market eased on Wednesday along with CBOT soymeal futures on larger-than-expected USDA estimates of global oilseed stocks and prospects for a bumper South American soybean crop.

"Long liquidation in Chicago continued to pressure prices in both CBOT soymeal futures and the European cash market. Buyers, however, were still staying sidelined, waiting for the market to reach a bottom," one broker said.

South American soymeal was offered between $1 and $9 a tonne down from Tuesday in sympathy with CBOT soymeal futures.

Most other products were offered between unchanged and 2 euros per tonne down, following soymeal, but a technical correction in rapeseed futures limited losses.