European feeds-Soymeal eases as market awaits U.S. crop outlook

martes 10 de mayo de 2016 11:14 GYT
 

PARIS May 10 (Reuters) - Soymeal prices on Europe's animal feed and meals market were flat to lower on Tuesday, adjusting to a weak overnight close in Chicago, but activity was thin as traders awaited U.S. government crop forecasts.

A sharp rise in U.S. soybean and soymeal futures during Tuesday's day session in Chicago ahead of the U.S. Department of Agriculture (USDA) data at 1600 GMT also discouraged European trades.

In Europe, Argentine high protein soymeal for May delivery was offered down $1 from Monday at $399 a tonne CIF Rotterdam. Brazilian high protein soymeal for May was unchanged at $412 a tonne CIF Rotterdam.

EU-produced high-protein soymeal was marked down $1 to $406 a tonne FOB Rotterdam for May delivery.

U.S. futures had eased on Monday, curbed by fresh worries about economic growth in China, the world's biggest soybean importer, but rebounded sharply on Tuesday.

The USDA's monthly world supply-and-demand estimates are being closely watched as they include the USDA's first full outlook for the upcoming 2016/17 season, and may bring revisions to 2015/16 South American crops after poor weather.

Soybean futures have rallied in the past month, peaking at their highest in more than a year on May 3, supported by the risk of rain damage to Argentina's soybean crop.

In other products, rapeseed meal was offered down 4 euros at 218 euros ($248.7) a tonne FOB lower Rhine for May delivery.

No significant trading was reported in any meals products. ($1 = 0.8767 euros) (Reporting by Gus Trompiz; Editing by Alexander Smith)