PARIS: Prices on Europe's animal feeds market were marked down on Tuesday in line with Chicago soy futures, as attention shifted from last week's unexpected cut to a US soybean yield estimate back towards ample overall supplies.
Activity was again reported as light, with buying interest limited to nearby positions as consumers waited for the US soybean harvest to progress and South American planting prospects to become clearer.
No significant trade was confirmed in Europe.
The US Department of Agriculture's (USDA) surprise downward revision to its 2017 US soybean yield forecast pushed Chicago soybean futures above the $10 mark at the end of last week for the first time since late July.
But US soybean and soymeal futures ended lower on Monday and fell back further on Tuesday.
Traders noted that the USDA's estimate of US soybean production was unchanged in its monthly report as the yield reduction was offset by an increased acreage, while drier weather in the US Midwest was seen as helping field work pick up after a relatively slow start to harvesting.
"We're still looking at a big US crop even if the USDA's soybean yield was below some expectations," one European broker said. "Futures are seeing a slight correction and funds are booking some profits."
In Europe, Argentine high protein soymeal for October delivery was offered for sale at $363 a tonne CIF Rotterdam, down $3 from Monday, while Brazilian high protein soymeal for October delivery was offered down $2 at $380 a tonne CIF Rotterdam.
EU-produced high protein soymeal for October delivery was offered for sale down $6 at $369 a tonne FOB Rotterdam.
Euro-denominated rapeseed meal for November was offered at 174 euros ($204.42) a tonne FOB lower Rhine, down 4 euros from Monday.
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