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European feed manufacturers hoped for lower soybean meal prices after a CBoT decline, following a rise since early April to a 15-month high. Argentine crop losses from heavy rain had supported offers, and some profit-taking set in.
Buyers were also watching the upcoming USDA report.
Soybean meal is a key protein feed, and a CBoT pullback combined with expected Argentine arrivals could ease European feed costs. Price direction depends on the USDA report and the size of Argentine supply.
zmp.deMay 6, 2016Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
