ROTTERDAM: Soymeal on the European meals and feeds market eased on Monday on beneficial crop weather in the US Midwest, which could herald a huge US soybean harvest in 2017.
"Good weather is bringing better crop conditions and higher yields. But we are not at the finish line yet," one broker said.
South American soymeal was offered between $1 and $6 per tonne down from Friday, also tracking weaker CBOT soymeal futures. Buyers preferred not to enter the market but to wait for prices to bottom out. No business was seen.
EU rapemeal was quoted between unchanged and three euros per tonne lower, tracking the weaker trend in soymeal. Easier rapeseed futures on a bright global oilseed supply outlook and a lower dollar also weighed on euro-priced rapemeal. Buyers showed little interest and no trades were reported.
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