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Soymeal weak as U.S. prices drop, South American exports to rise

Soymeal prices on Europe’s animal feed market fell on Monday, pushed down by falling U.S. soymeal futures and expectation of larger exports from Argentina as the country’s new soybean crop arrives on the market.

No major trading was reported.

“There is market talk that Argentina’s soybean crushings are speeding up and that Brazil’s are also at a high level as large soybean crops in both countries are processed,” one European trader said.

“South American soymeal export supplies to Europe are now starting to increase and this is a major reason why meals prices did not follow the strength in vegetable oils in the last week. Shipments are expected to increase.”

Argentina, the world’s largest soymeal exporter, expects a 59 million tonne soybean harvest this season, exceeding the record 53.4 million tonnes collected in 2013/14.

In Europe, Argentine high-protein soymeal was offered for sale for June delivery down $1 a tonne to $394 a tonne cif Rotterdam.

Brazilian high-protein soymeal for June delivery was offered for sale down $2 a tonne at $418 a tonne cif Rotterdam and EU-produced high-protein soymeal for May delivery fell $2 a tonne to $390 a tonne fob Rotterdam.

EU rapemeal for June/July delivery fell 1 euro a tonne to 248 euros a tonne fob Lower Rhine. Source: Reuters