Asking prices on Europe's animal feed meal market were higher on Thursday, tracking further gains in Chicago soya futures as the market looked beyond higher-than-expected US crop estimates to focus on weather risks and strong export demand. US soyabean and soyameal futures rose for a second day on Thursday, extending a rebound from Tuesday's slide when the US Department of Agriculture (USDA) wrong-footed investors by raising its estimate of the US soyabean harvest.
Scepticism over the USDA's soyabean yield projection, brisk US exports and emerging weather concerns for soyabean planting in rival exporters Argentina and Brazil were encouraging price strength in soya products, traders said. In Europe, Argentine high protein soyameal for September delivery was offered for sale up $3 at $349 a tonne CIF Rotterdam, while Brazilian high protein soyameal for September was offered up $4 at $356 a tonne CIF Rotterdam.
EU-produced high protein soyameal for October was marked up $6 to $356 a tonne FOB Rotterdam. The firm price trend discouraged buyers, who have been anticipating supply pressure from the upcoming US harvest, and no major trading in Europe was reported in soyameal or other meal products. EU-produced rapeseed meal was also offered higher, supported by a recovery in Euronext rapeseed futures after multi-week lows. Rapemeal for October delivery was offered 1 euro higher at 174 euros ($206.75) a tonne FOB lower Rhine.
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