US Cash Soymeal-Rail offers steady to lower as futures jump

 CHICAGO: Spot basis offers for US soymeal were steady to weaker in the rail market on Tuesday and flat in the truck market, dealers said.

* A rally in US soy futures was triggering limited soybean sales to processors and elevators, traders said. However, some farmers were still waiting for higher prices.

* At 12:20 p.m. CDT (1720 GMT), Chicago Board of Trade July soymeal futures were up $10.60 at $297.90 a ton.

* The most-active soymeal contract rebounded after dropping to its lowest price since 2016 on Monday.