Some Midwestern soybean processors were idled for annual maintenance as workers prepared equipment for the imminent soybean harvest, limiting available soymeal supplies. Harvest was still at least three weeks away in much of the Midwestern growing region, the dealers said.
Many buyers have already covered feed needs for much of September, and the relatively weak demand helped keep a lid on potential basis gains. Basis offers jumped by as much as $4 per ton in the Indiana truck market while rail offers gained $1 to $2 across the Midwest.
Spot Chicago Board of Trade soymeal futures declined to roughly four-month lows, pressured by favorable growing conditions for the US soy crop and expectations for a record-large harvest.
The US Department of Agriculture earlier said export sales of US soymeal for the new marketing season beginning on Oct. 1 totaled 70,000 tonnes last week, near the low end of trade expectations.
No deliveries were posted against CBOT September futures on first notice day, the CME Group said late on Wednesday.