CHICAGO: Soymeal spot basis offers were firmer in the US export and domestic truck market on Friday, underpinned by robust demand for the high-protein animal feed, dealers said.
Rail basis offers were unchanged.
A drought-reduced Argentina soy harvest has pushed more demand to the United States in the coming weeks and months, especially for supplies after the autumn US harvest.
"FOB interest for new crop is certainly there and values want to creep higher," a broker said of the free-on-board (FOB) US soymeal export market.
A few soybean processors slashed their bids to buy soybeans from farmers, following weaker bids for soybeans in the river market due to import tariffs on American soybeans in China.
Chicago Board of Trade August soymeal futures were down $4.10 at $326.80 a ton as of 12:47 p.m. CDT (1747 GMT), tracking declines in soybean futures.
Comments
Comments are closed for this article.