PARIS: Soymeal prices on Europe’s animal feed market edged lower on Thursday, tracking soymeal futures in a further consolidation after a rally to multi-months highs earlier in the week.
Brokers expected the market, mainly driven by weather elements, including dry weather in Argentina and in the US Midwest, to remain volatile in the coming weeks.
“The market is expecting a correction. There was already a small one yesterday but it is not enough apparently,” one said.
Argentine high-protein soymeal for May delivery was offered at $493 a tonne cif Rotterdam, down $4 from Wednesday, while Brazilian high-protein soymeal for May was offered at $504 a tonne cif Rotterdam, down $6.
Chicago July soymeal futures rose to a new life-of-contract high on Wednesday, supported by expectations that a drought-related plunge in Argentina’s soybean harvest will fuel demand for US supplies but they fell back later and were down again on Thursday.
EU rapeseed meal was offered lower with no support from the euro which rebounded slightly against the dollar after a two-week fall.
Rapeseed meal for May delivery was offered down 6 euros at 238 euros ($285) a tonne fob lower Rhine.
No significant trading was reported by European traders.
Source: Brecorder
