CHICAGO: Cash basis offers for soymeal were steady to firm in the US Midwest on Thursday, as crushers in a few locations raised their meal basis in order to offset a rising cash basis for soybeans, traders said.
* Cash bids for soybeans were edging higher as farmer selling remained slow, forcing processors to pay more to resupply their crushing plants.
* Many farmers have contracted to deliver a portion of the harvested supplies and are putting everything else in on-farm grain bins.
* Demand for soymeal from feed mills and other end-users was steady. Feed mills were adjusting their rations to account for low protein in the 2011 soybean crop.
* At the Chicago Board of Trade as of 12:41 p.m. CST (1845 GMT), December soymeal was down $4.30 at $298.80 per ton after falling to $298, the lowest spot price in a month.
* The CBOT December board crush was up 1/4 cent at 52-1/4 cents per bushel.
* USDA reported weekly export sales of US soymeal at 295,700 tonnes (old and new crop years combined), above a range of trade estimates for 100,000 to 150,000 tonnes.
* USDA reported export sales of US soybeans in the latest week at 606,800 tonnes (new and old crop years combined), above a range of trade estimates for 400,000 to 600,000 tonnes.
* Soy imports by China, the No. 1 global soybean buyer, were down more than 7 percent in October and the lowest since March, Chinese customs data showed.
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