US Cash Soymeal-Basis offers unchanged as futures extend losses

CHICAGO: Spot basis offers for soymeal were mostly unchanged in the United States on Tuesday as demand remained largely routine and as futures fell to the lowest levels since late-April, dealers said.

Some processors were idling temporarily for seasonal maintenance ahead of the autumn harvest, keeping supplies tight in some local markets and preventing dealers from discounting offers to boost demand.

A slow pace of farmer sales during the past month has also limiting the crushing supplies for soybean processors, underpinning soybean bids and soymeal offers.