US Cash Soymeal-Offers mostly flat as demand ticks higher

Fawad Maqsood September 5, 2019

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

Demand was rising, with end users placing spot orders for new loads, an Indiana dealer said.

A rail broker also noted an uptick in demand following the futures market decline to 3-1/2 month lows left cash prices at attractive levels for many livestock and poultry producers.

Some processors scattered around the country were still shut down due to seasonal maintenance, boosting demand at plants that had supplies available for sale, a trader said.

At 11:31 a.m. CDT (1631 GMT), Chicago Board of Trade soymeal futures for October delivery were up $1.60 at $292 a ton.

The October contract sank to $290.10 on Tuesday, its lowest price since May 13.

Copyright Reuters, 2019

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