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CHICAGO: Spot basis offers for US soymeal were mostly unchanged on Thursday as futures declined to the lowest levels in 16 months, enticing some animal feeders to buy, dealers said.
Chicago Board of Trade July soymeal futures fell to $296.10 per ton before trimming losses to $296.70, down $1.20, at 11:48 a.m. CDT (1648 GMT). Broad selling across commodities, as well as abundant global soy supplies, pressured CBOT soybean, soymeal and soyoil futures, traders said.
The lower prices made soymeal more attractive than canola for some California dairies, a US feed broker said.
US weekly soymeal export sales came in generally in line with analyst expectations.
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