CHICAGO: Spot basis offers for US soymeal were steady to mixed on Wednesday as supplies were seasonally tight ahead of the autumn soybean harvest, dealers said.
The soymeal basis gained by as much as $4 per ton in the Indiana truck market while bids for barges delivered this month to the US Gulf Coast climbed by $3.
Seasonal maintenance downtime at some processors limited the availability of supplies, while some feed buyers also took advantage of a drop in soymeal futures on Tuesday to book orders.
However, some farmers were harvesting the earliest-maturing soybean fields of what is expected to be a record-large US crop, and soy crushing supplies were expected to swell in the coming weeks. That has weighed on both soybean bids and soymeal offers - the soymeal basis fell by $1 at two processors in Iowa.
Chicago Board of Trade October soymeal was up $3.60 per ton at $300.30 per ton at 10:41 a.m. CDT (1541 GMT), rising on technical buying and short-covering, traders said.
Comments
Comments are closed for this article.