CHICAGO: Soymeal spot basis offers were firmer at rail markets in the eastern half of the US Midwest on Tuesday, supported by processor maintenance downtimes that limited the availability of supplies ahead of the soybean harvest, dealers said.
Some processors were slowing their crush rates or idling before the arrival of fresh supplies during the soy harvest, which was expected to begin later this month. Rail offers were up about $4 per ton in Indiana and Ohio due to tight supplies.
Processors were not offering soymeal due to maintenance downtime in Sioux City, Iowa, and in St. Joseph, Missouri.
Dealers said one factor limiting buying was the more than 2 percent rise in Chicago Board of Trade soymeal futures , which were lifted by short-covering and worries that soy plants were not receiving enough rain in US growing regions.
CBOT October soymeal was up $7.40 at $302.90 per ton at 11:07 a.m. CDT (1607 GMT).
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