US Cash Soymeal-Basis offers steady to weaker on ample supply

CHICAGO: Soymeal spot basis offers were flat to weaker in the United States on Monday as supplies remained ample to meet relatively lackluster demand for the animal feed, dealers said.

Some buyers bought the feed they needed for this month after futures on Friday fell to a more than one-month low. But the buyers delayed larger and forward purchases in the hopes of further declines as the US autumn harvest approaches.

Meanwhile, processors had relatively plentiful supplies of soybeans to last until the new crop arrives in as early as about a month, a dealer in Indiana said.

At 11:21 a.m. CDT (1621 GMT), Chicago Board of Trade September soymeal was up $4.40 to $307.90 per ton, rebounding on short-covering from Friday's low of $305.00.