CHICAGO: Spot basis offers for US soymeal at rail and truck markets on Tuesday for the most part were unchanged as end-user demand from livestock producers subsided as the Christmas and New Year holidays draw nearer, dealers said.
Producers and processors marked time as they monitored lower Chicago Board of Trade (CBOT) soybean meal futures, led by weaker CBOT soybean contracts following Tuesday's US Department of Agriculture (USDA) monthly supply/demand report.
USDA forecast soybean 2017-18 ending stocks at 445 million bushels, a 20 million bushel increase from its November outlook. It lowered its export forecast for the oilseed by 25 million bushels and raised seed usage by 5 million bushels.
At 1:06 p.m. CST (1906 GMT), CBOT January soymeal futures were down $2.70 at $325.00 a ton.
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