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Markets

US Cash Soymeal-Offers mostly flat; demand steady

CHICAGO: Spot basis offers for US soymeal were mostly unchanged in the rail and truck markets on Tuesday, dealers said.

Sep 03 2019

CHICAGO: Spot basis offers for US soymeal were mostly unchanged in the rail and truck markets on Tuesday, dealers said.

Dealers described demand as steady.

Some end users were taking advantage of a dip in the futures market that pushed prices to their lowest in more than three months to place new orders on the spot market, an Indiana dealer said.

But other livestock and poultry producers were standing pat as they had ample stocks on hand from their regular monthly orders, another Indiana dealer said.

Although the basis was mostly steady, offers rose by $5 per ton in the Kansas City truck market.

At 11:50 a.m. CDT (1650 GMT), Chicago Board of Trade September soymeal futures were down 70 cents at $288.60 a ton. The October contract was 60 cents lower at $291.10 a ton.

On a continuous basis, the most-active soymeal futures contract hit its lowest since May 22.

Copyright Reuters, 2019