In Germany, UFOP, the Union zur Förderung von Oel- und Proteinpflanzen, said that oilseed meal prices have converged as price trends in oilseed meals are mixed. Whereas prices of soybean meals have been fairly weak, rapeseed meal recently overshot the EUR 250 per tonne mark, a 2015 high.
“Interest in rapeseed meal recently picked up surprisingly sharply, with demand being particularly high for nearby material. Apparently, compound feed manufacturers failed to stock up sufficiently after all. In view of buoyant demand and prospects for continued limited supply, prices are trending firm,” said UFOP, adding that “interest in US soybean meal will probably drop considerably in the wake of the expanding avian flu outbreak in the US. In the light of this situation, prices in Chicago are under downward pressure. In Germany, prices were recently lowered only slightly, because the expected rise in supply from new imports has not materialised to date, providing support to asking prices. However, as demand for soybean meal is weak, there is also hardly any scope for upward movements in prices.”