US Cash Soymeal Rail offers slip, lackluster demand
CHICAGO: Spot basis offers for soymeal were weaker at rail markets around the US Midwest on Wednesday on a lack of buying interest and softer soybean basis, a rail broker said.
* End-user demand for soymeal delivered by truck was also generally lackluster, except in central Indiana where a dealer noted very light demand.
* "They are buying just to cover immediate needs," the Indiana dealer said.
* Soybean basis bids were weaker around the US Midwest due to the upcoming fall harvest.
* Some end-users are postponing soymeal purchases in anticipation of lower prices during the upcoming harvest season.
* CBOT September soymeal was down $1.10 at $367.20 per ton, as of 10:58 a.m. CDT (1558 GMT).
* The CBOT October board crush was up 1/4 cent at 32-3/4 cents per bushel.
Copyright Reuters, 2011
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