US Cash Soymeal-Rail, truck offers steady to weak

CHICAGO: Spot basis offers for US soymeal were steady to weaker in truck and rail markets on Monday, with supplies on the rise amid heavy deliveries of soybeans to processors, dealers said.

Demand was routine. Most end users expect basis levels to weaken in the coming weeks as harvest enters its final stages and farmers run out of storage space for their crops.

Some rain in eastern areas slowed harvest during the weekend but a dealer in Indiana said he expected farmers would be going full bore again on Monday afternoon or on Tuesday.

Offers at processors east of the Mississippi River would likely weaken more than offers at western processors as harvest ramps up again, a rail broker said.