ROTTERDAM: Soymeal on the European meals and feeds market continued to ease on Tuesday, following the weaker trend in CBOT soymeal futures on better than expected progress in the US soybean harvest.
The USDA late on Monday said the US soybean harvest was 70 percent complete, up from 49 percent a week earlier and near the five-year average of 73 percent. The average trade expectation was for 64 percent.
"Pressure from the US harvest and the outlook for a bumper crop kept a lid on buying enthusiasm as buyers expect prices to come down further in the near future," one broker said.
South American soymeal was mostly offered between $1 and $3 per tonne down from Monday, following the easier trend in soymeal futures. Bids were scarce and no deals were reported.
Rapemeal was quoted between one and three euros per tonne lower, tracking easier soymeal and rapeseed futures, taking a cue from Chicago soybeans and on a brighter global oilseed supply outlook, also weighed. Buyers were holding back, waiting for the market to hit a solid bottom. No business was seen.
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