European bidders wasted chicken feed (8)

I believe the answer is:

birdseed

I'm a little stuck... Click here to teach me more about this clue!

'chicken feed' is the definition.
'birdseed' can be an answer for 'feed' (birdseed is a kind of feed). I'm not certain of the 'chicken' bit.

'european bidders wasted' is the wordplay.
'european' becomes 'E' (abbreviation e.g. EU).
'wasted' indicates an anagram.
'e'+'bidders'='ebidders'
'ebidders' is an anagram of 'BIRDSEED'.

Can you help me to learn more?

(Other definitions for birdseed that I've seen before include "eg Hemp" , "Food for a tweeter - dries bed (anag)" , "Food scattered for budgies etc" .)

I've seen this clue in The Sun.

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