CHICAGO: Spot basis offers for US soymeal steadied in the truck and rail markets on Thursday after weakening earlier in the week, dealers said.
But a bearish cloud remained over the cash market as supplies were on the rise amid an advancing soybean harvest in the US Midwest.
Buying remained hand-to-mouth, with only end users with immediate feeding needs placing orders.
Most buyers expected prices to fall in the coming weeks as more and more soybeans are harvested, and were content to wait before booking new deals, a Minnesota broker said.
Offers were posted at $30 over the Chicago Board of Trade December soymeal futures contract in Claypool, Indiana. There had been no offers at that location earlier in the week due to a lack of soymeal in the area.
The US Agriculture Department on Thursday morning said that export sales of soymeal totaled 250,400 tonnes (old-crop and new-crop combined) in the latest reporting week. That compares with trade forecasts that ranged from -75,000 tonnes to 205,000 tonnes.
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