CHICAGO: Soymeal spot basis offers were mostly steady to lower at US truck, rail and export markets on Monday as light demand and seasonal pressure from the autumn soybean harvest weighed on prices, dealers said.
The soybean harvest was still in its earliest phases, limiting declines in soymeal bids as crushers still needed to process fresh supplies before discounting offers further. Meal basis offers declined by $3 per ton in the Minnesota truck market, but a dealer there said prices could tumble by $10 or more in the next few weeks.
Supplies overall remained seasonally tight, and some crushing plants were idling or running at reduced rates until harvest advances and farmers deliver more beans to processing plants. But buyers also expected lower prices soon, and held off on larger purchases, the dealers said.
A processing plant in Cedar Rapids, Iowa, was loading soymeal on Monday but was shutting down soon as rivers swelled, causing localized flooding.
At 10:53 a.m. CDT (1553 GMT), Chicago Board of Trade soymeal futures for October delivery were down $4.90 at $298.40 a ton, the lowest level since April.
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