Soymeal down more on bumper soybean crop

ROTTERDAM: Soymeal on the European meals and feeds market eased further on Tuesday in step with Chicago on prospects for a bumper South American crop and concern over weakness in the European economy.

"The market feels bearish ahead of a large soybean crop coming from South America and the strong dollar on worries for a renewed euro crisis also weighed on prices.

Buyers remained on the sidelines waiting for the market to bottom out," one broker said.

South American soymeal was offered between $1 and $10 a tonne down from Monday following the trend in CBOT soymeal futures on a good harvest pace in Brazil and a strong dollar, which weighs on dollar-priced products.

Buyers kept waiting to feel a bottom before entering the market and no deals were reported.