European feeds-Soymeal little changed, traders eye US yields

ROTTERDAM: Soymeal on the European meals and feeds market was offered in a tight range on Tuesday due to uncertainty over US soybean yields now the US harvest is on its way.

"As the American soybean harvest commences everybody is holding back to see the first indications of what yields will be. But whatever the outcome it will be a bumper crop this year," one broker said.

South American soymeal was mostly offered between $1 a tonne down and $1 up from Monday. Prices were supported by a weaker dollar, which underpins dollar-priced products, while easier CBOT soymeal futures weighed.

Buyers showed little interest and no business was reported.

EU rapemeal was offered between 1 and 2 euros per tonne lower, pressured by easier rapeseed futures which followed weaker CBOT soybean futures.

The lower dollar also weighed on products quoted in euros. Bids were scarce and no trades were seen.