Soyameal on Europe's animal feed meal market was offered higher on Thursday as Chicago futures strengthened on the back of brisk export demand and adjustments by investors ahead of closely watched US grain stocks data. A cautious mood before Friday's US Department of Agriculture (USDA) quarterly estimates of grain and oilseed stockpiles kept activity quiet in Europe.
The USDA estimates will give an indication of the size of US supply ahead of this year's harvest, which is now under way and expected to bring record production. Rain that has slowed field work in parts of the US Midwest has countered the record crop outlook that pushed Chicago soyabean futures to a five-month low earlier this week. Strong export demand from China, as shown by higher than expected weekly US soyabean export sales of nearly 1.7 million tonnes, was also underpinning soya markets. "There is a small correction after the recent fall and ahead of tomorrow's report, and there is still some good export demand from China," one broker said.
In Europe, Argentine high-protein soyameal for October/December delivery was offered for sale up $1 from Wednesday at $365 a tonne CIF Rotterdam. Brazilian high-protein soyameal for October/December was marked up $2 to $392 a tonne CIF Rotterdam.
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