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Tuesday, July 5, 2022

Soymeal marked down as focus returns to fair US weather

Soymeal marked down as focus returns to fair US weatherPARIS: Soymeal on the European meals and feeds market was mostly offered lower on Wednesday as attention turned to favourable US crop weather, pushing Chicago futures to new multi-month lows.

After rebounding on Tuesday when the closely watched US Department of Agriculture (USDA) crop report included a lower than expected forecast for US soybean stocks, Chicago soybean and soymeal futures resumed their recent downward trend.

Traders said support from the USDA’s reduced US stocks forecast for next season was offset by an increased estimate of Brazilian production, while the main focus was still on benign weather conditions for newly planted US soybean crops.

In Europe, Brazilian high-protein soymeal for July delivery was offered down $6 from Tuesday at $444 a tonne cif Rotterdam, while Argentine high-protein soymeal for July was cut by $2 to $424 a tonne cif Rotterdam.

EU-produced rapeseed meal was flat to slightly lower, with first half of July delivery offered unchanged at 215 euros ($253) a tonne fob Lower Rhine and August/October delivery marked down 1 euro to 206 euros.

Copyright Reuters, 2018

Source: Brecorder

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