US Cash Soymeal-Basis offers unchanged in featureless trade

CHICAGO: Spot basis offers for soymeal held steady in the US Midwest on Friday while demand from livestock and poultry producers remained quietly steady, merchandisers said.

* Basis offers were underpinned by a slow pace of farmer soybean offerings, which has raised the cost of replacement soybeans and pressured crush margins since May.

* Some crushers have rolled their basis offers for soymeal to the CBOT September futures contract as the August contract nears its delivery phase.

* As of 11:33 a.m. CDT (1633 GMT), CBOT August soymeal futures were up 90 cents at $304.80 per short ton, rallying after dipping to $302.90, the contract's lowest since May 24.

* CBOT September soymeal futures were up 90 cents at $306.40.

* The CBOT August board crush was down 3/4 cent at 96-1/4 cents per bushel, still profitable but down from roughly $1.30 a bushel in late May.