US Cash Soymeal-Offers flat to weaker on soy harvest pressure

CHICAGO: Soymeal cash basis offers declined in the Iowa truck market and in the US Gulf Coast export market on Tuesday as some dealers sought to spur buying of the animal feed, traders said.

* Supplies were likely to increase in the coming days as the US soybean harvest advanced. The soy harvest reached 6 percent complete as of Sunday, the US Department of Agriculture said late on Monday.

* Chicago Board of Trade soymeal futures fell to life-of-contract lows, pressured in part by a big US soy crop.

* But cheaper prices for other feeds, including the ethanol byproduct of distillers dried gains, could limit demand for soymeal, the dealers said.