Soymeal lower as USDA crop report looms
PARIS - Soymeal on Europe's animal feed market was mostly lower on Friday as the run-up to U.S. government crop forecasts turned attention to an expected record U.S. harvest after recent export-fueled price gains.
In Europe, Brazilian high protein soymeal for October/December delivery was offered down $3 from Tuesday at $413 a metric ton CIF Rotterdam. Argentine high protein soymeal for October/December was cut $3 to $381 a metric ton CIF Rotterdam.
EU-produced high protein soymeal was offered $3 lower at $384 a metric ton FOB Rotterdam for October delivery.
Chicago futures saw hesitant trading on Friday, with soybean edging higher and soymeal slightly lower, as this week's rally driven by strong exports ran up against chart resistance and caution ahead of U.S. Department of Agriculture (USDA) crop estimates on Monday.
Analysts in a Reuters poll on average predicted the USDA would boost U.S. soybean yields to a record of 49.2 bushels per acre, up from 48.9 bpa in August.
No significant trading was reported in soymeal or other meal products on the European market as operators awaited direction from Monday's data, traders said.