US Cash Soymeal-Basis offers mostly unchanged on thin demand

CHICAGO: Soymeal spot basis offers weakened by $2 per ton in the Minnesota truck market on Wednesday and were unchanged elsewhere in the United States as demand remained limited, dealers said.

Many buyers were delaying purchases in the hopes of lower prices as the US soybean harvest ramped up.

The US Department of Agriculture on Monday said the harvest was only 4 percent complete.

Supplies remained tight in some areas as processing plants awaited deliveries of freshly harvested soybeans.

Chicago Board of Trade October soymeal futures were up $1.30 at $306.30 per ton at 11:03 a.m. CDT (1603 GMT) as increased export demand spurred small gains in soybean futures.