The US Department of Agriculture's (USDA) world supply and demand report, released at the end of the European session on Tuesday, included an increase to projected Brazilian soybean production this season and a rise in the USDA's global soybean stocks forecast for 2016/17.
The USDA data pushed Chicago soybean futures to a one-year low and US soymeal to its lowest since November, before prices saw a slight bounce on Wednesday.
"With the world stocks higher, I would have thought prices would be down a bit more today but I guess there was some anticipation of it," one broker said.
South American soymeal was mostly offered between $1 and $4 a tonne higher compared with Tuesday.
Euro-denominated EU rapemeal prices were less firm, with strength in the euro against the dollar acting as a curb. Offers were flat to down 2 euros compared with Tuesday.
Activity was light, with some buyers deterred by the rebound in the soy complex and the market starting to wind down ahead of the Easter holiday that will see a four-day closure from Friday.
No significant trading was confirmed in soymeal or other meals in the Eurpoean market.