US Cash Soymeal-Rail offers steady to firm on tight seasonal supply

CHICAGO: Soymeal cash basis offers were slightly higher in the US rail market on Monday and mostly unchanged in the truck and export markets as supplies continued to tighten ahead of the approaching soybean harvest, dealers said.

Downtime for maintenance ahead of the harvest further limited soymeal supplies. However, demand also was limited as buyers delayed larger orders on expectations for cheaper supplies as farmers were likely to begin gathering a near record-large crop within weeks.

As of 12:13 p.m. CDT (1713 GMT), Chicago Board of Trade September soymeal futures were down $2.20 at $319.00 a ton. The CBOT September board crush was down 1-1/4 cents at 77 cents per bushel.