HAMBURG - Prices dropped in Europe's animal feed meal market on Thursday, undermined as U.S. soybean futures fell from four-week highs as attention turned to a record soybean crop approaching in the United States.
Main European trade reported was in afloat Argentine soymeal, which traded at around $400 a metric ton fob Rotterdam, about $5 a metric ton down on Wednesday's levels.
"Overall buying interest was thin as industry is hoping that market attention will now return to the huge U.S. soybean harvest this year and create a downward price trend," one European trader said.
"Despite the forecasts of the record U.S. soybean crop, we had rising prices this week because of strong U.S. exports."
Chicago most-traded December soymeal was down 1.4 percent in early Thursday trade and November soybeans were down 1.3 percent.
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The U.S. soybean harvest this autumn will be the biggest ever, the U.S. Department ofAgriculture (USDA) said on Friday, with yield and production forecasts above market expectations.
In Europe, Brazilian high protein soymeal for August delivery fell $2 a metric ton, offered for sale at $433 a metric ton CIF Rotterdam. Argentine high protein soymeal for August delivery fell $5 a metric ton, offered for sale at $403 a metric ton CIF Rotterdam.
EU produced high protein soymeal fell $3 to $405 a metric ton FOB Rotterdam for August delivery.
Rapeseed meal was supported by fear rain will cut this summer's EU rapeseed harvest by about 2 million metric tons on the year to around 20.5 million metric tons, a trader said.
September/October delivery rapemeal rose 4 euros to 202 euros ($228.9) a metric ton FOB lower Rhine.
"Sunflower meal is looking considerably more price-attractive to European consumers compared to soymeal following large sunseed crops in the Black Sea region," another trader said.
Sunmeal for September delivery in Amsterdam was offered for sale down 2 euros at 160 euros ($181.3) a metric ton FOB Amsterdam.
