CHICAGO: Spot basis offers for US soymeal were steady to firm on Tuesday, supported by relatively tight supplies on the cash market, dealers said.
An uptick in demand on the export market, coupled with some scheduled maintenance shutdowns at processors, was limiting the amount of soymeal available for sale to livestock and poultry producers.
Processors typically take downtime during the summer months to ensure their facilities are running smoothly when plants are flooded with soybeans from harvest.
* Offers rose by $3 per ton at a processor in Claypool, Indiana, the biggest increase in the truck market.
Basis gains in the rail market ranged from $2 to $7 per ton.
Demand on the spot market was routine, dealers said.
Some end users were booking orders for soymeal that will be delivered from October into early 2017, a mid-South broker said.
At 9:39 a.m. CDT (1439 GMT), Chicago Board of Trade soymeal futures for September delivery were down $3.10 at $336.50 a ton.
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