European feeds-Soymeal little changed as traders await USDA report

LONDON: Soymeal on the European meals and feeds market was offered at little-changed levels on Tuesday while buyers remained on the sidelines ahead of the release later in the day of a closely watched report from the US Department of Agriculture (USDA).

Analysts expect the USDA monthly supply/demand report to raise forecasts for soybean harvests in Brazil and Argentina.

"Most people are waiting for the report, which could be bearish for the market," one broker said.

South American soymeal was mostly offered between $1 a tonne up and $1 down from Monday with no trades reported.

EU rapemeal prices were also stable, with asking prices ranging from 1 euro a tonne higher to 1 euro lower than Monday. Bids were scarce and no business was seen.