US Cash Soymeal-Basis firms in eastern Midwest, weaker in west

• Basis offers softened at the Chicago rail market on increased soymeal offerings, one broker said, and the basis also weakened at several Iowa truck points.
• The US Department of Agriculture reported export sales of US soymeal in the week to May 14 at 198,800 tonnes, in line with trade expectations for 75,000 to 300,000 tonnes.

CHICAGO: Spot basis offers for soymeal were mixed in the US Midwest on Thursday, with firmer values at eastern Midwest rail points due to tightening supplies as soy crushers start to take planned downtime for maintenance, merchandisers said.

Basis offers softened at the Chicago rail market on increased soymeal offerings, one broker said, and the basis also weakened at several Iowa truck points.

The US Department of Agriculture reported export sales of US soymeal in the week to May 14 at 198,800 tonnes, in line with trade expectations for 75,000 to 300,000 tonnes.

As of 12:55 p.m. CDT (1755 GMT), Chicago Board of Trade close, July soymeal was down $2.70 at $282.80 per short ton, after setting a contract low at $282.

Crush margins firmed slightly after falling in recent weeks. The CBOT board crush for July was last up 2-1/2 cents at 84-3/4 cents per bushel.