US Cash Soymeal-Basis mostly steady; futures declines boost demand

CHICAGO: Soymeal basis offers were mostly unchanged at US rail, truck and export markets on Thursday, supported by declines in futures that helped to boost demand, dealers said.

Some buyers were locking in shipments for October and beyond after Chicago Board of Trade soymeal futures dropped to roughly a two-year low.

The basis eased by $2 per ton at a processor in Decatur, Indiana. Other dealers were rolling offers to Chicago Board of Trade October soymeal futures from the September contract , ahead of first notice day for deliveries against September on Friday.

The US Department said weekly soymeal export sales totaled 500,000 tonnes for the season beginning on Oct. 1, above estimates for 200,000 to 400,000 tonnes.