Soyameal price offers on the European meals and feeds market were lower on Tuesday as trading resumed after a four-day holiday, with prices adjusting to weakness in US futures. South American soyameal was mostly offered between $1 and $4 a tonne lower compared with the previous session on Thursday last week.
The European market factored in a pull-back in Chicago soyabean and soyameal futures which fell on Monday and again on Tuesday, pressured by lower than expected US soyabean crushing in March as well as falling Chinese futures. The losses halted a rebound last week from a one-year low in US soyabeans following a US Department of Agriculture (USDA) crop report that had raised forecasts for global soyabean supplies. Activity in Europe was subdued on Tuesday, with the drop in soya markets encouraging buyers to hold on for further falls, traders said. No significant trading was reported in soyameal or other meal products. EU rapemeal was offered unchanged to 2 euros higher compared with the previous session. Weakness in the euro against the dollar since last week lent some support, although the euro regained some ground on Tuesday.
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