CHICAGO: Spot basis offers for soymeal were unchanged in US Midwest on Thursday in subdued trade as tight supplies for nearby delivery kept a floor under the market, merchandisers said.
Sellers have started rolling their offers forward to post against the Chicago Board of Trade August futures contract, as the July contract nears its delivery period.
The price spread between the CBOT July and August contracts is narrow at $1 per short ton.
The CBOT August crush rose about 3 cents on Thursday to close at $1.02-1/2 per bushel, rebounding after declining during most of June.
Crush margins, while still profitable, have been pressured this month by rising costs for replacement soybeans.
Midwest farmers have been reluctant to sell remaining old-crop soybean supplies to crushers because widespread planting delays have raised uncertainty about new-crop production prospects.
CBOT July soymeal futures settled down $1.20 at $312.20 per short ton and CBOT August soymeal ended down $1.30 at $313.10.
Traders await the US Department of Agriculture's acreage and quarterly stocks reports due out on Friday.
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