Price of soyameal falls in Europe's animal feed market
Soyameal prices in Europe's animal feed market fell at the beginning of the week, pushed down by falling US soyameal futures and expectation of larger exports from Argentina as the country's new soyabean crop arrives on the market.
No major trading was reported. "There is market talk that Argentina's soyabean crushings are speeding up and that Brazil's are also at a high level as large soyabean crops in both countries are processed," one European trader said.
Soybean harvest expected to increase
"South American soyameal export supplies to Europe are now starting to increase and this is a major reason why meals prices did not follow the strength in vegetable oils in the last week. Shipments are expected to increase." Argentina, the world's largest soyameal exporter, expects a 59 million tonne soyabean harvest this season, exceeding the record 53.4 million tonnes collected in 2013/14. In Europe, Argentine high-protein soyameal was offered for sale for June delivery down $1 a tonne to $394 a tonne cif Rotterdam.
Dwindling price of high protein soybean meal and EU rapemeal
Brazilian high-protein soyameal for June delivery was offered for sale down $2 a tonne at $418 a tonne cif Rotterdam and EU-produced high-protein soyameal for May delivery fell $2 a tonne to $390 a tonne fob Rotterdam. EU rapemeal for June/July delivery fell €1 a tonne to €248 a tonne fob Lower Rhine.
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