US Cash Soymeal-Rail offers firm in Midwest, South

CHICAGO: Spot basis offers for US soymeal delivered by rail firmed slightly in the Midwest and South on Monday, supported by scattered downtimes in the area that were limiting the amount of soybeans being crushed, brokers said.

Offers for rail delivery weakened in the Kansas City market, with a broker in that area saying demand was routine.

At truck market processors, offers were mostly flat, although the basis rose by $2 per ton in Lafayette, Indiana.

Most end users were reluctant to place big orders, keeping the basis from rallying even with the maintenance shutdowns.

At 10:51 a.m. CDT (1551 GMT), Chicago Board of Trade May soymeal futures were down $3.70 a ton at $313.80. Prices hit their highest level since March 24 during the overnight trading session.