US Cash Soymeal-Offers steady to firm on processor downtime

CHICAGO: Soymeal spot basis offers were steady to slightly higher in the United States on Monday, underpinned by steep losses in futures and seasonally tight supplies due to downtime at soy processing plants, dealers said.

Stronger bids for soybeans in the US export market also forced some crushers to more aggressively bid to buy beans from farmers, and the crushers subsequently raised their soymeal offers to maintain profit margins, the dealers said.

Soymeal demand was routine to start the week, even as Chicago Board of Trade August soymeal fell to the lowest levels in about 2-1/2 months on pressure from good growing conditions for the developing US soy crop.

Seventy-five deliveries were posted against CBOT August soymeal.