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US Cash Soymeal-Offers decline as buyers step back

SoyMealCHICAGO: Soymeal spot basis offers weakened at US rail and truck markets on Friday as buyers delayed purchases while waiting to see whether prices would decline further, dealers said.


* Offers fell $4 per ton each at rail markets in Morristown, Ind.; Fostoria, Ohio; and Decatur, Ala., dealers said. Offers were down $2 per ton in Decatur, Ill.


* Buyers have "little interest in procurement," a broker said, noting that some were delaying purchases until later in January or February after "overbuying" soymeal last month.


* Some buyers stuck to the sidelines, hoping for further declines in prices before booking loads of the feed.


* Nearby soymeal futures dropped to a seven-month low on concerns the approaching soy harvest in South America will reduce demand for US soy. South America is the largest soybean producing region in the world, followed by the United States.


* Traders were still jittery about demand after the US Department of Agriculture on Thursday said China, the world's largest soy importer, had canceled orders for 315,000 tonnes of US soybeans.


* Most-active March soymeal was down 1.2 percent at $399.60 per ton as of 1:25 p.m. CST (1925 GMT).


Center>Copyright Reuters, 2013


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