US Cash Soymeal-Basis offers unchanged on lackluster demand

Shoaib Ur Rehman December 28, 2018

CHICAGO: Soymeal spot basis offers were unchanged in the United States on Thursday, underpinned by limited demand as many end users have already bought the feed they will need through January, dealers said.

* Rising prices for competing feeds such as the corn ethanol byproduct distillers’ grains (DDGs) have pushed more demand to soymeal. But new buying has been light in the holiday-shortened trading week.

* Dealers have been rolling offers to Chicago Board of Trade March soymeal futures from the January contract. Basis figures have stayed nearly the same during the roll, in effect lifting prices by the roughly $4.50 per ton difference in the contracts.

* CBOT March soymeal futures were up 40 cents to $308.30 per ton at 11:24 a.m. CST (1724 GMT).

Copyright Reuters, 2018
 

 

 

 

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