CHICAGO: Soymeal export premiums declined by about $2 per ton at the US Gulf Coast on Friday, pressured by recent gains in futures and a slower pace of international sales, dealers said.
Premiums for prompt shipments of US soymeal at the Gulf eased to $16 per ton over Chicago Board of Trade soymeal futures , the smallest in roughly five months.
CBOT December soymeal futures hit a two-month high of $328.80 per ton on Thursday and nearly equaled that peak on Friday, before reversing lower. The contract was down $4.60 at $323.00 at 11:09 a.m. CDT (1709 GMT).
The higher futures kept a lid on buying this week. Export sales already were lagging last year's pace.
Outstanding US soymeal export sales of 3.12 million tonnes during the current marketing year are down from year-ago sales of 3.79 million tonnes, US Department of Agriculture data showed.
Soymeal basis offers were mostly unchanged in US truck and rail markets, holding after declining earlier this week as supplies grew during the final phases of the autumn soybean harvest.
Soyoil cash basis offers weakened, with ample supplies available, especially for December and January, the dealers said.
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