CHICAGO: Soymeal spot basis offers were steady to up $2 per ton on Friday, supported by an uptick in demand after futures fell to the lowest levels in more than a year earlier this week, dealers said.
Basis offers also were underpinned by seasonal maintenance downtime at a processors that limited available supplies. A soy crush plant in Claypool, Indiana, was scheduled to come back online later on Friday after being idled since Saturday.
Chicago Board of Trade September soymeal futures were down 90 cents to $296.80 per ton by late-morning, holding above Wednesday's 16-month low of $292.00.
Some domestic and foreign buyers took advantage of the downturn to book sales.
The US Department of Agriculture said Thailand bought 105,500 tonnes of US soymeal for delivery in the shipping season that begins on Oct. 1. The sale follows weekly data released on Thursday showing sales of 247,200 tonnes 2017/18 soymeal, the most in months.
Additionally, South Korea's largest feedmaker bought 60,000 tonnes of soymeal and 207,000 tonnes of corn that could be shipped from any global origin, traders said on Friday.
Soy crushers were catching up on forward bookings, which trailed the sales pace seen in recent years. "Processors have a paltry amount of meal sold on the new crop," a US rail broker said.
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