CHICAGO: Cash basis offers for US soymeal were mostly unchanged on Wednesday as supplies were seasonally tight and demand lackluster ahead of an expected record-large soybean harvest, dealers said.
Many animal feed buyers have already purchased enough soymeal to get through September, while many soybean processors have bought what they needed for crushing before the arrival of freshly harvested supplies in the coming weeks.
A Minnesota dealer rolled his offer to Chicago Board of Trade October soymeal futures from the September contract.
His bid went to $14 per ton under October futures from $19 under September; with the spread between the contracts at $3.80, the $5 hike in basis resulted in a small jump in the flat price.
No deliveries were posted against CBOT September futures on first notice day, the CME Group said late on Tuesday. s
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