European feeds-Soymeal plummet on extreme weather ahead of acreage report

Gdynia, June 27 (LSEG) - Soymeal on the European meals and feeds market was bearish on Thursday following a decline in CBOT soybean and soymeal futures as traders weighed the impact of heat and flooding on the central U.S. and positioned themselves ahead of the U.S. Department of Agriculture's acreage report on Friday at 1600 GMT. Headlines

Traders assessed the effect of flooding that hit the U.S.Midwest, putting crops at risk after storms rolled through theregion during the weekend and early part of the week. Market players awaited the release of the USDA's acreage report on Friday.

South American soymeal was offered as much as $20 a tonne lower from Wednesday. The market was under pressure from Argentina's strong pace of soybean sales in the current harvest season. The harvesting of 2023/24 the soy crop was 98.3% complete through last week, according to the Buenos Aires Grain Exchange, which forecasted total soybean production to reach 50.5 million tonnes.

EU rapemeal was quoted around 2 euros per tonne up tracking stronger European rapeseed futures. A lower forecast for EU rapeseed production in the 2024/25 season supported the market. European commission forecasts EU rapeseed usable production in 2024/25 at 18.8 million tonnes vs 19.1 million tonnes last month.

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28 июня 2024