US Cash Soymeal-Rail offers ease on slow demand

CHICAGO: Spot basis offers for soymeal eased at US rail terminals and held mostly steady at truck markets on Monday as slow demand from end users continued to pressure prices, dealers said.

The last round of seasonal downtimes helped to limit losses in the western US Midwest, where a few processors are still idled for annual maintenance ahead of harvest in the

coming months.

* Rail offers in Kansas City increased while there was no posted soymeal offer at a processor in Des Moines, Iowa.

* Offers were flat to lower elsewhere, with poultry operations scaling back production and slowing feed purchases while cattle and hog producers bought only hand-to-mouth.

* Light farmer selling of new-crop soybeans noted as CBOT soy complex rallied more than 1 percent.

* Soyoil cash basis flat even as NOPA said stocks of the oil fell 17 percent in July compared to a year ago while soy crush declined only about 1 percent.

* Analysts expect USDA late on Monday to put soy condition ratings unchanged from last week at 61 percent good to excellent, a Reuters Poll found.

* CBOT September soymeal was up $3.90 at $351.00 ton, as of 11:50 a.m. CDT (1650 GMT).

* The CBOT September board crush was up 2-1/2 cents at 34-1/4 cents per bushel.

Copyright Reuters, 2011