CBOT July soymeal futures were down $3.40 at $313.50 per ton at 10:41 a.m. CDT (1541 GMT), off their earlier two-week low of $312.70. Technical selling, coupled with improved weather forecasts for soy plantings in the Midwestern crop belt, weighed on soybeans and soymeal futures.
The CME Group also posted 22 deliveries against CBOT May soymeal futures, underscoring the weak soymeal cash market in which commercial holders deemed it more attractive to deliver supplies using the futures delivery system.
Many soymeal buyers were delaying large and deferred purchases on expectations of cheaper prices as harvest advanced in Argentina and as US farmers planted record-large soybean acreage.
"There's a little bit of business coming in with the lower (futures) board but the end user is mostly hand-to-mouth right now," a soymeal broker in Minnesota said.
Copyright Reuters, 2017