ROTTERDAM: Soymeal on the European meals and feeds market edged higher on Tuesday on concerns that dry conditions in Argentina could worsen this week and damage the soybean crop.
Gains were limited by easing CBOT soymeal futures on analysts' expectations that the USDA will raise estimates for 2017/18 soybean ending stocks and the Brazilian soybean crop in Friday's crop and supply/demand reports.
"The market is gearing up towards the USDA reports and players on the European cash markets are starting to hold back, waiting for their Chicago colleagues to digest the information first," one broker said.
South American soymeal was offered between $1 a tonne down and $2 a tonne up from Monday.
Rapemeal was mostly quoted between two and three euros per tonne higher, following the firmer trend in soymeal and supported by a strong dollar, which underpins products quoted in euros.
Buyers held back, anticipating bearish USDA data at the end of the week. No deals were seen.
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