Markets

US Cash Soymeal-Rail offers ease on slow demand

CHICAGO : Spot basis offers for soymeal eased at US rail terminals and held mostly steady at truck markets on Monday a

Published August 15, 2011 Updated August 15, 2011 06:12pm

2 min

By Abdul Ahad

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The last round of seasonal downtimes helped to limit losses in the western US Midwest, where a few processors are still idled for annual maintenance ahead of harvest in the

coming months.

* Rail offers in Kansas City increased while there was no posted soymeal offer at a processor in Des Moines, Iowa.

* Offers were flat to lower elsewhere, with poultry operations scaling back production and slowing feed purchases while cattle and hog producers bought only hand-to-mouth.

* Light farmer selling of new-crop soybeans noted as CBOT soy complex rallied more than 1 percent.

* Soyoil cash basis flat even as NOPA said stocks of the oil fell 17 percent in July compared to a year ago while soy crush declined only about 1 percent.

* Analysts expect USDA late on Monday to put soy condition ratings unchanged from last week at 61 percent good to excellent, a Reuters Poll found.

* CBOT September soymeal was up $3.90 at $351.00 ton, as of 11:50 a.m. CDT (1650 GMT).

* The CBOT September board crush was up 2-1/2 cents at 34-1/4 cents per bushel.

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