EUROPEAN FEEDS-Prices rise, defying USDA forecast of record U.S. soybean crop
HAMBURG Aug 16 (Reuters) - Prices rose in Europe's animal feed meal market again on Tuesday, supported by an overnight rise in U.S. soybean and soymeal futures with the market still shrugging off a forecast of a record U.S. soybean crop.
Trading was reported in afloat Brazilian soymeal of 48 profat grade at $406 a tonne c&f.
There was also purchase interest in nearby deliveries of Argentine and EU-produced soymeal but sellers were holding out for even higher prices as EU markets followed overnight strength in U.S. futures, traders said.
U.S. soybean futures surged 2.8 percent on Monday to their highest in more than three weeks, supported by strong export demand and a rally in the soyoil market. Soymeal rose just over 2 percent.
Prices rose despite a forecast from the U.S. Department of Agriculture (USDA) on Friday that this year's massive U.S. soybean harvest will be the biggest ever.
In Europe, Brazilian high protein soymeal for August delivery rose $4 a tonne, offered for sale at $440 a tonne CIF Rotterdam. Argentine high protein soymeal for August delivery rose $5 a tonne, offered for sale at $413 a tonne CIF Rotterdam.
EU produced high protein soymeal rose $4 to $412 a tonne FOB Rotterdam for August delivery. (Reporting by Michael Hogan; editing by David Clarke)
© Thomson Reuters 2016 All rights reserved.