US Cash Soymeal-Offers steady to weak, demand poor
CHICAGO: Soymeal spot basis offers were steady to lower at rail and truck markets around the United States on Friday as high futures prices continued to limit demand, dealers said.
* Export offers also flat at the US Gulf Coast, with importers waiting for harvest before making further purchases, traders said.
* Truck offers declined by $5 per ton in Cedar Rapids, Iowa, and by $1 in Mankato, Minnesota.
* Demand from livestock and poultry producers routine at best after CBOT soymeal futures rose to highest price in three weeks on Friday amid worries that the developing soy crop will not get enough rain this weekend.
* However, demand could increase in the coming days as buyers purchase the feed before the temperatures begin to turn cooler. Animals tend to eat more in milder weather.
* CBOT September soymeal ended unofficially $1.10 higher at $354.10 per ton, gaining 1.6 percent for the week in the largest weekly gain in a month.
* The CBOT September board crush was down 2-3/4 cents at 29-3/4 cents per bushel.
Copyright Reuters, 2011
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