European feeds-Soymeal offers adjusted down after Easter break

PARIS: Soymeal price offers on the European meals and feeds market were lower on Tuesday as trading resumed after a four-day holiday, with prices adjusting to weakness in US futures.

South American soymeal was mostly offered between $1 and $4 a tonne lower compared with the previous session on Thursday last week.

The European market factored in a pull-back in Chicago soybean and soymeal futures which fell on Monday and again on Tuesday, pressured by lower than expected US soybean crushing in March as well as falling Chinese futures .

The losses halted a rebound last week from a one-year low in US soybeans following a US Department of Agriculture (USDA) crop report that had raised forecasts for global soybean supplies.

Activity in Europe was subdued on Tuesday, with the drop in soy markets encouraging buyers to hold on for further falls, traders said.

No significant trading was reported in soymeal or other meal products.

EU rapemeal was offered unchanged to 2 euros higher compared with the previous session. Weakness in the euro against the dollar since last week lent some support, although the euro regained some ground on Tuesday.