US Cash Soymeal-Basis offers ease as futures hit 3-month high

CHICAGO: Soymeal basis offers eased $1 to $2 per ton in US barge and truck markets on Friday, pressured by a rally in futures that continued to limit domestic demand while weakening prices in Argentina attracted global buyers, dealers said.

The US Department of Agriculture said weekly US export sales last week totaled 45,100 tonnes, within the range of relatively low expectations from analysts.

Chicago Board of Trade soymeal August soymeal futures jumped to a more than three-month high, rising $7 to $329.00 per ton as of 12:05 p.m. CDT (1705 GMT).