CHICAGO: Soymeal basis bids declined by $1 per ton in the US barge export market on Thursday while soymeal offers were mostly unchanged at rail and truck points as futures extended gains, keeping a lid on demand from feed users, dealers said.
Weekly US soymeal exports totaled 146,200 tonnes, led by a sale of 47,800 tonnes to the Philippines, US Department of Agriculture data showed. The sales fell below analysts' expectations ranging from 200,000 to 400,000 tonnes.
Some domestic soymeal end-users have held off purchases
amid a slow pace of export sales in recent weeks on expectations for more plentiful supplies and potentially lower prices. US soy processors have ramped up crush rates to take advantage of record-large soybean supplies in the wake of the harvest as well as good crushing margins.
Chicago Board of Trade soymeal futures for December delivery climbed to their highest in 2-1/2 months, in part on soymeal-soyoil spread unwinding. The contract was up $6.40 at $325.50 per ton at 10:26 a.m. CDT (1626 GMT).
Comments
Comments are closed for this article.