CHICAGO: Spot basis offers for US soymeal were mostly steady to firm on Friday as tight supplies and good demand underpinned values in most markets, dealers said.
Recent downtime at soy crushing plants, some of it unscheduled, has tightened available soymeal supplies.
Rail disruptions due to flooding in the central United States has further underpinned prices. Offers for rail-delivered meal in Kansas City were unquoted due to the transportation woes, a broker said.
Basis values in the export market were steady to higher on tight nearby supplies and concerns about a smaller-than-anticipated US harvest this autumn.
Midwest farmers are struggling to get all of their intended soybean acres planted this spring as rainy weather and saturated soils have limited field work.
Some crops that have been planted are stressed by too much water, which may threaten yield prospects.
South Korea's NOFI bought around 60,000 tonnes of soymeal likely to be sourced from Brazil in an international tender, European traders said.
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