US Cash Soymeal-Offers firm even as demand remains routine

CHICAGO: Spot basis offers for soymeal were higher at US truck and export markets on Friday as rains

delayed the soy harvest and helped to keep crushing supplies tight at processors, dealers said.

* Farmers have delayed sales of soybeans while the harvest delays kept a lid on deliveries to meet existing contracts.

* Processors boosted soybean basis bids this week in an effort to spur farmer sales while soymeal basis offers have increased in tandem so the crushing plants can maintain a profit.

* Soymeal supplies from the United States competitive with shipments from South America, further underpinning the basis at export markets at the US Gulf Coast.

* Domestic soymeal demand still largely routine as end users waited to see if prices would continue to decline as is typical during harvest.

* CBOT soy complex lower Friday in end-of-the-week profit-taking, with soymeal futures poised for largest weekly decline in four weeks.

* CBOT December soymeal down $1.50 at $318.80 per ton as of 11:55 a.m. CDT (1655 GMT).

* The CBOT December board crush up 1-1/2 cents at 46-1/2 cents per bushel.