CHICAGO: Spot basis offers for soymeal were mostly unchanged in the US Midwest interior on Tuesday in quiet cash trade, brokers said.
Supplies of old-crop soybeans were dwindling, a factor that limited soymeal supplies and underpinned basis offers. The spot basis was unquoted at Claypool, Indiana, due to a lack of available supplies, a source said.
The US soybean harvest is still a few weeks away but the crop is maturing slightly ahead of normal. The US Department of Agriculture late Monday said 89 percent of the crop was setting pods, ahead of the five-year average of 85 percent.
The USDA rated 72 percent of the soybean crop as good to excellent, a historically high figure that was unchanged from the previous week.
The trade was monitoring findings from the annual four-day Pro Farmer Midwest Crop Tour, which on Monday reported below-average soybean pod counts in South Dakota and Ohio.
Chicago Board of Trade September soymeal futures settled down $1.80 at $332.40 a ton. The CBOT September board crush settled down 3 cents at 69-3/4 cents per bushel.
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