Prices were generally weak in Europe's animal feed meal market on Thursday as forecasts for a record US soyabean crop this summer continued to fuel expectations of lower prices in the coming weeks. Main trade reported was in EU-produced high-protein soyameal, which changed hands at 327 euros ($367.4) a tonne FOB for November/January delivery, with no comparative trades reported on Wednesday.
"Overall the massive US crop this summer is seen as likely to be a bearish influence on prices this autumn so some purchasing is being delayed," one trader said. "But some purchasing is still taking place at current low prices levels as consumers take protection in case bad weather causes last-minute damage to US crops."
The US Department of Agriculture (USDA) on Monday raised its forecast of record US soyabean yields and production above market expectations after crop condition ratings improved during August, a critical development period for the oilseed. Chicago soyabean and soyameal futures eased on Wednesday, with expectations of the record harvest knocking back any chance of a rally.
In Europe, Argentine high-protein soyameal for October/December delivery fell $4 a tonne, offered for sale at $368 a tonne CIF Rotterdam. EU-produced high-protein soyameal fell $4 to $371 a tonne FOB Rotterdam for October delivery. Brazilian high-protein soyameal for October/December delivery was unchanged, offered for sale at $400 a tonne CIF Rotterdam. "Brazilian soyameal export shipments seem to be slackening their pace this month, reducing supplies on offer," one trader said.
Comments
Comments are closed.