CHICAGO: Soymeal spot basis offers climbed by $2 per ton in the Indiana truck market on Monday and were mostly flat at other US truck, rail and export points as supplies were seasonally tight due to maintenance downtime in some areas, dealers said.
Offers gained by $2 per ton in Decatur, Indiana, while a processor in nearby Morristown was expected to be idled for the rest of the month for seasonal maintenance, the dealers said.
Domestic buyers were buying hand-to-mouth, waiting to lock in larger and deferred purchases in the hopes that prices decline. Export demand for US soymeal remained minimal amid cheaper offerings out of South America.
Chicago Board of Trade August soymeal futures were down 10 cents to $323.60 per ton at 9:58 a.m. CDT (1458 GMT).
The CME Group showed 25 deliveries against expired CBOT July futures, bringing the total during the delivery period to 1,058.
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