US Cash Soymeal-Offers mostly steady-weak on harvest pressure

CHICAGO: Spot basis offers for US soymeal were mostly steady to lower at truck and rail markets on Wednesday as supplies of soybeans from the bumper harvest swelled, dealers said.

End-user demand was light to moderate as expectations for a record-large US soy crop minimized any worries about tight soymeal supplies this autumn. Many buyers were booking purchases on a hand-to-mouth basis, an Indiana dealer said.

Bids for barge shipments to the US Gulf Coast were steady to weaker while FOB basis offers for export shipments were flat, a trader said. Values were anchored by good supplies and limited export activity.