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Cheaper soymeal offers out of top exporter Argentina continued to keep a lid on international demand for US supplies, a US export trader said.
Some US soybean processors were slashing their bids to buy soybeans from farmers due to ample crushing supplies ahead of the spring season, when many crushers will idle for a week or more for maintenance, the dealers said.
Chicago Board of Trade May soymeal futures were down $1.50 to $327.80 per ton at 10:49 a.m. CDT (1549 GMT).
The contract was on pace for a narrowly weekly decline, in what would be the fifth straight weekly loss.