European animal feed soyameal drops on US futures fall

animal-feedJune 22, 2014

Soyameal on Europe’s animal feed market was mostly weaker on Friday, pushed down by a combination of falling US soyameal futures and slack demand. “The markets were pretty quiet today and I saw no major trading,” one soyameal dealer said. “Buyers are hoping for more price falls in Chicago as a large US soyabean crop approaches and were often on the sidelines today.”

Benchmark Chicago soyameal prices had closed down on Thursday on technical factors including unwinding of soyameal/soyaoil spreads and Chicago soyameal was also down in early Friday trade. EU high-protein soyameal for June delivery was offered for sale down $3 a tonne, compared with Thursday, at $548 a tonne. Brazilian soyameal pellets for June delivery in Europe were offered for sale down $2 at $528 a tonne. Argentine high-protein soyameal for July/September delivery in Europe was offered for sale little changed at $539 a tonne.Courtesy Reuters

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