US Cash Soymeal-Basis offers flat to lower as futures decline

CHICAGO: Soymeal spot basis offers were mostly flat to lower at US domestic and export markets on Monday as futures prices declined and some buyers delayed purchases while hoping for even lower prices, traders said.

Argentina was offering cheaper supplies than US shippers for prompt loadings in the global market, limiting demand for US soymeal.

A soymeal broker in Iowa said few buyers were purchasing supplies even as Chicago Board of Trade soymeal futures fell sharply.

CBOT soymeal for December delivery eased $5.90 to $306.80 a ton at 12:37 pm. CDT (1737 GMT), weighed down by lower soymeal prices in China and ahead of a bumper US soy harvest.