HAMBURG, Sept 13 (Reuters) - A new forecast of a record U.S. soybean crop weakened prices in Europe’s animal feed meal market on Tuesday, with buyers expecting the downward trend to continue.
The main trade reported was in rapeseed meal which changed hands at 199 euros ($223.6) a tonne FOB lower Rhine for November/January delivery, about 3 euros down on the day. September delivery rapeseed meal also traded at 187 euros ($210.1) a tonne FOB German lower Rhine, traders said.
Trading of soymeal in euros was also reported, with Brazilian low protein soymeal pellets for November delivery changing hands at 326.50 euros ($366.9) a tonne FOB Rotterdam/Amsterdam including customs duty.
The U.S. Department of Agriculture (USDA) on Monday raised its forecast for U.S. soybean yields and production above market expectations.
Chicago soybean futures fell about 1.8 percent in early Tuesday trade and Chicago soymeal fell about 2 percent, weakening European prices.
“The forecast of the record U.S. harvest is weakening prices,” one European trader said.
“But there is still concern that large U.S. soybean exports will reduce U.S. soybean stocks so the scale of the price fall is not as large as you would have expected after a forecast of a record-large U.S. soybean harvest.”
In Europe, Brazilian high protein soymeal for October/December delivery fell $7 a tonne, offered for sale at $403 a tonne CIF Rotterdam. Argentine high protein soymeal for October/December delivery fell $2 a tonne, offered for sale at $374 a tonne CIF Rotterdam.
EU produced high protein soymeal fell $4 to $377 a tonne FOB Rotterdam for October delivery.
Sunmeal for October/December delivery in Amsterdam was offered for sale down 2 euros at 150 euros ($168.6) a tonne FOB Amsterdam.
$1 = 0.8897 euros Reporting by Michael Hogan; editing by David Clarke