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US Cash Soymeal-Offers hold steady as buyers stay quiet

soymeal 1CHICAGO: Spot basis offers for soymeal held steady at rail markets in the interior US Midwest on Friday amid light demand from feeders who have largely completed purchases through December, traders said.


* Some light business emerged as nearby December soymeal futures pulled back from a 2-1/2 week high reached on Thursday on the Chicago Board of Trade," a Midwest trader said. However, purchases were "nothing big," he said.


* Cash crush margins remain strong, supported in part by recent export demand for US soyoil, traders said. Soyoil and soymeal are byproducts of crushing soybeans.


* Traders continue to monitor low water levels on the Mississippi River that is likely to restrict the flow of barges carrying farm products to the US Gulf next month.


* Cargill Inc's barge company Cargo Carriers said Friday that it was limiting drafts on northbound barges on the Mississippi River to 8 feet due to low water on the drought-sapped river and will soon impose similar curbs on southbound vessels.


* As of 1:45 p.m. CST (1945 GMT), CBOT December soymeal was down 0.6 percent at $440 a ton, and most-active January soymeal was down 0.7 percent at $432.70 a ton.


Copyright Reuters, 2012


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