Global soyabean and meal prices are likely to come under pressure in the near to medium term, Hamburg-based oilseeds analysts Oil World forecast on Tuesday. The end of the strike by Argentine port workers was likely to raise shipments of soyabeans and products from South America in April and May, it said.
Both Argentina and Brazil were harvesting bumper soyabean crops, increasing world supplies. It said it saw considerable downward potential for soyameal in the medium term, also pulling down prices of rapemeal and other oilmeals. The US Department of Agriculture's latest forecast of larger soyabean plantings by US farmers was likely to remain a bearish factor in the market.