CHICAGO: Soymeal spot basis offers were higher at truck and export markets around the United States on Tuesday, supported by light country sales of soybeans and as rains delayed harvest in the US Midwest, dealers said.
* Farmers are putting harvested supplies in storage bins and waiting for futures to rise before delivering any soybeans beyond the beans they sold earlier this year.
* Cash prices in soybeans in most of the country are below the $13 per bushel price target of many growers.
* The slow farmer sales have limited crushing supplies at processors at a time of year when soy stocks typically are most plentiful.
* Persistent talk that soybeans are dryer than normal this year, and are yielding less protein and oil when crushed, are also supportive to soymeal basis offers, traders said.
* Offers climbed $5 per ton in Lafayette, Indiana, while offers were $1-$2 higher for truck pickup in the western Midwest and in the CIF and FOB export markets.
* Rains likely to delay harvest this week in the eastern Midwest. USDA late Monday said soybeans 69 percent harvested -- behind last year's pace but ahead of the five-year average pace.
* No deliveries posted Tuesday against expired CBOT October soymeal, the CME Group said.
* CBOT soy complex lower on harvest pressure and slowdown in economic growth in China, the top global soybean buyer.
* CBOT December soymeal was down $1.60 at $321.40 per ton as of 11:25 a.m. CDT (1625 GMT).
* The CBOT December board crush up 1-3/4 cents at 41-3/4 cents per bushel.
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