US Cash Soymeal-Rail basis offers weaken in eastern US, firm in west

CHICAGO: Spot cash basis offers for soymeal delivered by rail in the eastern United States were mostly lower on Tuesday on limited demand and adequate supplies, while prices were firmer in the western United States, brokers said.

* Basis offers for truck-delivered meal were largely unchanged.

* Spot basis bids for soymeal delivered by barge to Gulf Coast export terminals were steady to firm as river flooding slowed deliveries.

* Chicago Board of Trade May soymeal futures fell to a new contract low of $300.30 per short ton on Tuesday before rebounding. The contract was up $1.40 at $302.70 per short ton at 10:56 a.m. CDT (1556 GMT).