US Cash Soymeal-Basis offers flat to lower on ample supply

CHICAGO: Spot basis offers for US soymeal were steady to lower on Tuesday as abundant supplies amid a record-large soybean harvest weighed on prices in some markets, dealers said.

Processors were grinding through freshly harvested supplies and some dealers discounted offers to entice buying from poultry and livestock producers.

Offers for soymeal trucks eased by $1 to $2 in Iowa and Minnesota while the rail soymeal basis was down by as much as $7 in Alabama.

The Chicago Board of Trade soy complex was narrowly higher on technical buying, with CBOT December soymeal futures up 30 cents to $312.60 per ton at 10:28 a.m. CDT (1528 GMT).