CHICAGO: Soymeal spot basis offers were mostly unchanged at US rail, truck and barge markets on Thursday, underpinned by declines in futures that helped boost demand, dealers said.
Chicago Board of Trade September soymeal futures were up 90 cents to $294.20 per ton at 9:09 a.m. CDT (1409 GMT), gaining on short-covering in a recovery from a 16-month low on Wednesday.
Soymeal futures continued to lose ground to soyoil futures in soy product spreading in the wake of the US government announcement on Tuesday that it would impose tariffs on US imports of soy-based Argentine biodiesel.
Firmer soymeal prices in top exporter Argentina made US supplies more competitive in global markets in recent weeks.
The US Department of Agriculture earlier on Thursday said US soymeal export sales for the marketing season that starts on Oct. 1 were 247,200 tonnes, above analyst estimates and the largest such sales in about a year.
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