U.S. Cash Soymeal-Rail, truck offers firm with supplies tight

CHICAGO: Spot basis offers for U.S. soymeal were firm in both the rail and truck markets on Tuesday, dealers said.

Tight supplies of soymeal, stemming from maintenance Shutdowns at processors scattered around the Midwest and South, underpinned the basis.

High water on Midwest rivers was slowing delivery by barge, also putting a premium on available supplies delivered by truck or rail.

Demand was routine, a dealer in Claypool, Indiana, said.

Dealers began to roll their basis offers to the Chicago Board of Trade August soymeal contract from the CBOT July contract.

The July contract expires on July 12.

At 10:46 a.m. CDT (1546 GMT), CBOT July soymeal futures were down $2.50 at $321.80 a ton.

The August contract was $2.50 lower at $323.20 a ton.