HAMBURG, Sept 13 (Reuters) - Buyers generally took to the sidelines in Europe’s animal feed meal market on Wednesday after forecasts for a larger-than-expected U.S. soybean crop from the U.S. Department of Agriculture (USDA) failed to weaken prices.
No major trading in Europe was reported.
The USDA unexpectedly raised its U.S. corn and soybean harvest forecasts on Tuesday, adding bearish pressure to markets already struggling with massive global supplies.
“Analysts had been expecting the USDA to cut its U.S. soybean yield forecast after poor weather earlier in the summer and the increase in the harvest forecast was a surprise which should really have pushed Chicago markets down sharply, but this was not the case,” one European trader said.
Chicago December soymeal did fall 1.2 percent on Tuesday after the USDA crop forecast but was up 1.4 percent on Wednesday as grains markets bounced back.
“European prices were hardly changed on the day and some even rose, so buyers were unwilling to do deals today,” another trader said. “Rising prices is not what you expect following a forecast of a large harvest.”
In Europe, Argentine high protein soymeal for September delivery was offered for sale up $2 at $346 a tonne CIF Rotterdam.
Brazilian high protein soymeal for September delivery was offered for sale little changed at $352 a tonne CIF Rotterdam. EU-produced high protein soymeal for October delivery was offered for sale unchanged at $350 a tonne FOB Rotterdam.
Rapemeal for October delivery was unchanged at 173 euros ($205.6) a tonne FOB lower Rhine.
$1 = 0.8411 euros Reporting by Michael Hogan; Editing by Mark Potter