US Cash Soymeal-Offers hold on ample supplies, weaker futures

CHICAGO: Soymeal spot basis offers were largely unchanged at US rail, truck and barge markets on Friday as pressure from abundant supplies was offset by support from lower futures prices, dealers said.

Basis offers eased by $1 per ton for ocean vessels loaded at the Gulf Coast in December while other basis offers stabilized after declining earlier this week.

Some dealers had discounted offers in efforts to entice demand in the wake of a record-large US soy harvest.

Chicago Board of Trade December soymeal futures unofficially closed down $3.40 at $314.00 per ton, easing on profit-taking. Soymeal was up 0.5 percent higher for the week.