US Cash Soymeal-Truck offers drop, waning pre-holiday demand

CHICAGO: Spot basis offers for US soymeal at truck markets were flat to lower on Monday as demand subsides leading into the Christmas and New Year's holidays, dealers said.

Market participants tracked lower Chicago Board of Trade (CBOT) soybean meal futures, led by the soybean contract's fall to a three-month low in the wake of last week's much-needed rains in Argentina's crop regions.

Soybean futures retreated despite Monday's news from the US Department of Agriculture that 396,000 tonnes of soybeans were sold to China.

At 12:48 a.m. CST (1848 GMT), CBOT January soymeal futures were down $3.50 at $317.10 a ton.