CHICAGO: Spot basis offers for soymeal were weaker in US Midwest rail markets on Monday and mixed in truck markets, merchandisers said.
Sellers are rolling offers forward to post against the Chicago Board of Trade August futures contract, as the July contract enters its delivery period.
Farmers have opted to hold on tight to old-crop soybean supplies after heavy rains caused widespread US planting delays and fueled uncertainty over production prospects this year.
However, logistics problems linked to rains and flooding have made it more difficult to transport soymeal, traders said.
Trading is expected to slow down ahead of the July 4 holiday, according to soymeal brokers.
CBOT July soymeal futures were down $9.20 at $303.90 per short ton while CBOT August soymeal was down $9.10 at $306.20.
Comments
Comments are closed for this article.