CHICAGO: Spot basis offers for soymeal were mostly unchanged in the US Midwest on Monday and demand remained weak despite a drop in Chicago Board of Trade futures to a three-week low, dealers said.
* The lone exception was Council Bluffs, Iowa, where the truck basis rose by $2.
* Cash soymeal values were pressured by competition in feed rations from other ingredients, notably dried distillers' grains, a byproduct from ethanol production.
* Soy crushing margins remained poor, and dealers said they were not likely to improve until processors slow the crush or take downtime to restrict soymeal supplies.
* At the CBOT, the soy complex was lower on profit-taking and concerns China may cancel or defer some soybean purchases, traders said.
* The advancing South American soy harvest added pressure.
* As of 11:20 a.m. CDT (1620 GMT), May soymeal was down $6.30 at $350.90 a ton after falling to $349.50, its lowest point since March 17.
* CBOT May soybeans were down 22-1/4 cents at $13.70 per bushel.
* CBOT May soyoil was down 0.86 cent at 58.91 cents per lb.
* The CBOT May board crush was down 1/2 cent at 50-1/2 cents per bushel.
* USDA reported export inspections of US soybeans in the latest week at 20.825 million tonnes, with a range of trade estimates for 18 million to 26 million.
* Argentina's 2010/11 soy harvest has shown varying results depending on the amount of rain that fell in different regions, the Argentine government said Friday.
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