CHICAGO: US spot cash basis offers for soymeal were steady to mixed in the Midwest on Thursday, underpinned in most areas by tight supplies as crushers waited for the soybean harvest to expand, dealers said.
New-crop soybeans were starting to trickle into processing plants in parts of Indiana and elsewhere, they said, but the harvest is in the earliest stages and is still a few weeks away in the heart of the Midwest.
Soymeal offers were unquoted in several locations where crushers were awaiting fresh soybean supplies.
Demand for soymeal from feed mixers and other users was minimal, with most buyers content to delay purchases until the harvest expands.
As of 12:54 p.m. CDT (1754 GMT), the CBOT October soymeal futures contract was up $1.10 at $308.20 per ton.
The National Oilseed Processors Association said its members crushed 131.8 million bushels of soybeans in August, down from NOPA's year-ago figure of 135.3 million. Analysts had been expecting an August crush of 136.2 million bushels.
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