Soyameal prices on the European animal feed market were generally weak on Friday, with prospects of a bumper South American soyabean crop weighing them down, traders said.
"Large soyabean harvests are now starting in Brazil and close to starting in Argentina and this is leading some buyers to expect falling soyameal prices in February and coming months," one trader said. "This is helping to keep some buyers on the sidelines." "Talk is of good early yields in Brazil's soyabean crop."
Chicago March soyameal was also down 2.7 percent in early Friday trade. In Europe, Brazilian high protein soyabean pellets for February delivery were down $1 a tonne at $465 a tonne CIF Rotterdam. Argentine high protein soyameal for March delivery fell $1 to $442 a tonne CIF Rotterdam. Argentina's harvest starts after Brazil's. Rapeseed meal was also weak as European Union crops experience a mild winter. Rapemeal for February delivery fell 1 euro a tonne to 233 euros a tonne FOB lower Rhine. Rapeseed crops in west Europe are generally developing well, but a mild autumn which boosted plant growth and bug attacks has left them vulnerable to frost damage, mainly in Germany and Britain, analysts said.