Feed meal prices in Europe fell on Friday, weakened by a fall in Chicago soyameal prices, traders said. "We have seen a strong rise in soyameal prices this week and I think the European market was pausing today as the US also fell back," one trader said. "I think the high prices seen this week are also choking off demand."
Chicago July soyameal fell 0.5 percent on Thursday and was down 1.1 percent in early Friday trade, pressured by long liquidation and profit-taking after the contract surged above $400 this week. "Despite today's falls, the outlook for tight soyameal supplies in Europe remains," another trader said. "The very bad soyameal crop in Argentina this year means shipments from South America to Europe are expected to remain at lower than expected in coming weeks and months."
"There is continued concern about the impact of the unresolved US/China trade dispute. As China looks to alternatives to US soyabeans there is also concern about whether increased Chinese purchasing of sunflower meal from Ukraine will cut Ukrainian sunmeal exports to Europe."
Business in Europe was quiet, with unconfirmed talk of rapeseed meal traded but prices not disclosed. In Europe, sales offers for Argentine high-protein soyameal for May delivery fell $4 to $489 a tonne cif Rotterdam. Brazilian high-protein soyameal for May delivery fell $2 to $502 a tonne cif Rotterdam.
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