CHICAGO: Soymeal basis offers weakened in the US rail and free-on-board ocean vessel markets on Tuesday as some brokers slashed prices to drum up demand, dealers said.
Argentina still had cheaper prices than the United States for many global soymeal importers even as demand in the US domestic market picked up because of low futures prices.
Chicago Board of Trade soymeal dropped to a nearly one-year low, with the front-month September contract easing $4.30 to $302.00 per ton at 12:40 p.m. CDT (1740 GMT).
A big US soybean crop and worries of reduced animal feed demand as a result of swine disease in China pressured prices both for soybeans and soymeal, traders said.
The US Department of Agriculture announced a soymeal sale of 198,862 tonnes of US soymeal to Mexico.
Comments
Comments are closed for this article.