EUROPEAN FEEDS -Prices down as large U.S. crop eyed, Argentine soymeal trades

 11.09.2016 23:22:51

EUROPEAN FEEDS -Prices down as large U.S. crop eyed, Argentine soymeal trades
Fri Sep 2, 2016 3:44pm GMT Print | Single Page [-] Text [+]
HAMBURG, Sept 2 (Reuters) - Prices fell once more in Europe's animal feed meal market on Friday as attention remained on a record-large soybean crop in the United States which is expected to pressure markets in the coming weeks.

The main trading reported was in Argentine high protein soymeal, with afloat supplies traded at $371 a tonne FOB Rotterdam, down $7 on Thursday's levels. Argentine high protein soymeal for April/September 2017 delivery also traded at $368 a tonne, with no comparative deals reported on Thursday.

"Buyers can see no reason to change their view that a large U.S. soybean crop is likely to bring an increase in U.S. soybean crushings as early as October," one European trader said. "This means improving soymeal supplies are expected soon with prices likely to face downward pressure."

Chicago soybean futures closed higher on Thursday after a see-saw session as spillover strength from corn and wheat offset pressure from strong U.S. soybean crop prospects.

In Europe Brazilian high protein soymeal for October/December delivery fell $5 a tonne, offered for sale at $404 a tonne CIF Rotterdam.

Argentine high protein soymeal for October/December delivery fell $5 a tonne, offered for sale at $374 a tonne CIF Rotterdam.

EU produced high protein soymeal fell $3 to $382 a tonne FOB Rotterdam for October delivery.

"Rain has damaged the European Union wheat crop this summer which means large quantities of feed wheat could be available in the coming months as an alternative cheap source of protein," another trader said. "This is helping to keep feed meal demand low.

Rapeseed meal for October delivery was unchanged at 196 euros ($218.6) a tonne FOB lower Rhine in slack demand. ($1 = 0.8965 euros) (Reporting by Michael Hogan; Editing by Greg Mahlich)