European feeds-Soymeal down on increased US soy planting

ROTTERDAM: Soymeal on the European meals and feeds market was offered mostly easier on Monday, tracking lower CBOT soymeal futures on the back a forecast of a higher acreage planted to US soybeans.

South American soymeal was mostly offered between flat and $3 a tonne lower. Buyers showed little interest and no business was seen.

"A planting acreage by a private forecaster that topped the one issued by USDA some days ago added extra bearish sentiment and that was keeping buyers on the cash market sidelined, which pressured prices even more," one broker said.

EU rapemeal was quoted between unchanged and 5 euros a tonne higher as sellers offering material at low levels disappeared. Gains were capped by weakness in rapeseed futures and because of a lower dollar, which weighs on products quoted in euros. Bids were scarce and no deals were reported.