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European feeds-Prices track CBOT gains, keeping buyers away
PARIS, Sept 14 (Reuters) - Asking prices on Europe's animal
feed meal market were higher on Thursday, tracking further
gains in Chicago soy futures as the market looked beyond
higher-than-expected U.S. crop estimates to focus on weather
risks and strong export demand.
U.S. soybean and soymeal futures rose for a
second day on Thursday, extending a rebound from Tuesday's slide
when the U.S. Department of Agriculture (USDA) wrong-footed
investors by raising its estimate of the U.S. soybean harvest.
Scepticism over the USDA's soybean yield projection, brisk
U.S. exports and emerging weather concerns for soybean planting
in rival exporters Argentina and Brazil were encouraging price
strength in soy products, traders said.
In Europe, Argentine high protein soymeal for September
delivery was offered for sale up $3 at $349 a tonne CIF
Rotterdam, while Brazilian high protein soymeal for September
was offered up $4 at $356 a tonne CIF Rotterdam.
EU-produced high protein soymeal for October was marked up
$6 to $356 a tonne FOB Rotterdam.
The firm price trend discouraged buyers, who have been
anticipating supply pressure from the upcoming U.S. harvest, and
no major trading in Europe was reported in soymeal or other meal
EU-produced rapeseed meal was also offered higher, supported
by a recovery in Euronext rapeseed futures after
Rapemeal for October delivery was offered 1 euro higher at
174 euros ($206.75) a tonne FOB lower Rhine.
($1 = 0.8416 euros)
(Reporting by Gus Trompiz; Editing by Mark Potter)
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