Soyameal down on European feeds market

Soyameal on the European meals and feeds market continued to ease on the outlook for a huge South American soyabean crop. A larger than expected US soyabean planting forecast also weighed. "The market sees mostly bearish news lately and that pressures prices. The falling market discourages buyers from doing business and that in itself weighs as well," one broker said.
South American soyameal was mostly offered between unchanged and $3 a tonne down, tracking easier CBOT soyameal futures, while a weaker dollar, which supports products priced in dollars, limited losses. Buyers stayed sidelined, waiting for the market to hit a solid bottom and no trades were reported. EU rapemeal was offered at between unchanged and three euros per tonne down, tracking weak soyameal and because of lower rapeseed futures, which dropped again on a brightening global oilseed supply outlook.