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You are here: Home»Markets»Commodities»Americas»US Cash Soymeal-Offers steady to weak, some roll to January

soymeal 1CHICAGO: Spot basis offers for soymeal were steady to $3 per ton lower at rail markets in the interior US Midwest on Thursday on softer demand from domestic livestock feeders as Chicago Board of Trade soymeal futures hit a 2-1/2 week high, traders said.

 

* Some locations in the truck market began rolling their basis offers forward to post against the CBOT January contract ahead of the delivery period for CBOT December futures .

 

* CBOT December soymeal was trading at a premium of roughly $8 a ton over CBOT January, but the basis rose by only $4 at two locations that rolled their offers, indicating a cheaper flat price.

 

* Cash crush margins remain strong, supported in part by recent export demand for US soyoil.

 

* One soymeal broker in the US Southeast said demand from domestic poultry feeders was softening, although export demand remained strong.

 

* USDA reported export sales of US soymeal in the latest week at 365,000 tonnes, a two-month high that was above a range of trade estimates for 150,000 to 250,000 tonnes.

 

* USDA reported weekly US soyoil sales at 122,500 tonnes, within a range of trade estimates for 100,000 to 200,000 tonnes. For the first time in more than two years, weekly US soyoil sales have topped 100,000 tonnes for two straight weeks.

 

* Traders continue to monitor low water on the Mississippi River that is likely to restrict the flow of barge traffic to the US Gulf next month.

 

* Spot CBOT December soymeal futures rose for a fifth straight day on Thursday, climbing to a 2-1/2 week high on strong export sales.

 

* As of 12:53 p.m. CST (1853 GMT), CBOT December soymeal was up $2.30 at $442.20 a ton, and most-active January soymeal was up $1.70 at $434.40 a ton.

 

* The CBOT January crush was up 2-1/4 cents at 62 cents per bushel.

 

* Traders and analysts expect zero to 200 deliveries of soymeal against CBOT December futures, ahead of first notice day for deliveries on Friday. No soymeal had been registered for delivery as of Wednesday night.

 

Copyright Reuters, 2012


 



 
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