CHICAGO: Spot basis offers eased at US rail markets on Wednesday and were mostly steady at truck and export points as heavy supplies and limited demand continued to anchor prices for the animal feed, dealers said.
Some livestock and poultry producers were utilizing cheaper feeds such as distillers' grain, a byproduct of corn-based ethanol.
China increased punitive tariffs on imports of US DDGs, likely further slowing shipments to China and leaving more supplies for users in the United States.
Crushing supplies also increased at some US soybean processors following light sales of soybeans by farmers and commercial handlers. The bigger supplies could force some processors to slash soymeal offers to entice demand.
Chicago Board of Trade March soymeal futures were down $4.20 at $313.30 per ton as of 11:55 a.m. CST (1755 GMT), pressured by expectations for a big South American soybean harvest.
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