CHICAGO: Spot basis offers for US soymeal were mostly unchanged on Wednesday as buyers largely remained on the sidelines amid expectations of a bumper US soybean harvest and subsequent lower prices for soymeal, dealers said.
Soymeal basis offers that increased in the Iowa truck market earlier this week held steady while processors also left their bids to buy soybeans unchanged. Crushing supplies were tightened ahead of the autumn harvest, but buyers did not want to overextend their positions with the harvest getting underway in as little as a month.
Chicago Board of Trade soymeal futures were trading at the lowest levels seen so far this week, with the CBOT September soymeal contract down $3.70 at $332.60 per ton as of 12:17 p.m. CDT (1717 GMT).
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