US Cash Soymeal-Basis flat to weaker; futures turn higher

CHICAGO: Spot basis soymeal offers around the US Midwest on Wednesday were steady to down modestly, pressured by increased supplies as the harvest nears completion and tepid demand before the US Thanksgiving Day holiday on Thursday, dealers said.

Chicago Board of Trade (CBOT) soymeal followed higher soybean futures, led by technical buying and sentiment that soybean contracts tend to rise in advance of the holiday.

On Wednesday CBOT grains will close at the normal time on and remain closed for Thursday's holiday. Trade resumes on Friday at 8:30 a.m. CST (1430 GMT), but markets will close early at 12:05 p.m. CST (1805 GMT).

Chicago Board of Trade December soymeal futures at 12:27 p.m. CST (1827 GMT) were up $6.10 at $324.40 per ton.