Markets

US Cash Soymeal-Barge bids weaken on dull demand; futures tumble

Published November 23, 2016 Updated November 23, 2016 07:09pm

1 min

By Shoaib Ur Rehman

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CHICAGO: Soymeal basis bids eased by $1 to $2 per ton in the US barge market on Wednesday, pressured by lackluster export demand and cheaper supplies on offer out of Argentina, traders said.

Basis offers were mostly unchanged in the US rail and truck markets, in slow trading ahead of Thursday's US Thanksgiving Day holiday. A soy processor in Frankfort, Indiana, rolled its truck offer to Chicago Board of Trade January futures from the December contract.

CBOT soymeal futures tumbled more than 3 percent, pressured in part by the unwinding of soymeal-soyoil spreads. CBOT December soymeal futures were down $9.60 at $315.30 per ton at 11:25 a.m. CST (1725 GMT).

Soyoil futures surged 7 percent, heading for their largest daily percentage gains since 2009, after the US Environmental Protection Agency boosted blending mandates for biodiesel in 2017.

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