US Cash Soymeal-Truck offers mixed; supplies tight on rail market

CHICAGO: Spot basis offers for US soymeal were mixed at truck market locations across the Midwest on Thursday, dealers said.

Basis levels firmed in areas where they had fallen sharply earlier this month.

But offers continued to weaken in other spots as newly delivered soybeans provided processors with ample crushing supplies.

Supplies remained tight in the rail market, and many rail dealers were not posting offers as they sought to catch up with previously booked deals.

On the export front, a group of animal feed makers in the Philippines has purchased about 90,000 tonnes of US soymeal for shipment in early 2017, European traders said.

At 10:12 a.m. CDT (1512 GMT), Chicago Board of Trade December soymeal futures were up $1.00 at $297.50 a ton.