US Cash Soymeal-Offers remain steady as buyers eye developing soy crop

CHICAGO: Spot basis offers for US soymeal were flat in the truck and rail markets on Thursday, dealers said.

Supplies were large enough to meet current needs, even as some processors shut down for regularly scheduled maintenance ahead of the autumn soybean harvest.

Rain in parts of the Midwest were seen to be benefiting the developing crop, traders said.

Some meal buyers stayed on the sidelines amid uncertainty about the size of the upcoming soybean harvest, after heavy rains prevented plantings this spring, traders said.

At 11:38 a.m. CDT (1638 GMT), Chicago Board of Trade soymeal futures for September delivery were down 50 cents at $294.20 a ton.