Soyameal asking prices on the European meals market were generally higher on Tuesday although no trades were reported, with buyers holding back ahead of the issue of key reports by the US Department of Agriculture later in the day. "A lot of people in the trade were waiting on that report. Let's hope it gives a boost to the market but it doesn't look good at the moment," one broker said before the release.
The USDA reports were issued after trading in Europe had largely wound down for the day and showed US soyabean stocks had risen by 34 percent, as of March 1, from a year earlier.
A prospective plantings report also predicted that US farmers would devote a record 84.635 million acres of their fields to soyabeans this spring. But the soyabean seedings outlook fell below market forecasts. CBOT May soyameal futures were up $4.60 or 1.4 percent at $327.80 a tonne at 1642 GMT.
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