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European feeds-Soymeal down on Argentine rains ahead of USDA data

European feeds-Soymeal down on Argentine rains ahead of USDA dataROTTERDAM: Soymeal on the European meals and feeds market was quietly lower on Tuesday, on positioning ahead of December USDA crop and supply/demand reports, which were issued too late in the afternoon for European players to react to.

“The market stayed subdued ahead of the USDA data, which was expected to be mildly bearish for soybeans,” one broker said.

The outlook for beneficial rains in the Argentine soybean belt also weighed as did expectations for a bumper South American harvest in 2018.

South American soymeal was offered between $1 and $4 a tonne lower, mostly tracking the easier tone in Chicago soymeal futures.

Rapemeal was quoted between flat and one euro per tonne down, following the easier tone in soymeal and because of technical weakness in rapeseed futures. A stronger dollar, which underpins euro-priced products, limited losses.

Bids were scarce and no business was reported.

Copyright Reuters, 2017

Source: Brecorder.com

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