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Chicago Board of Trade soymeal futures were hovering near the lowest levels in about a year amid abundant global soybean supplies. The weak futures prices, coupled with a slow pace of soybean farmer sales, forced some US soy processors to narrowly increase soymeal basis offers in efforts to boost profit margins.
CBOT July soymeal futures were down 90 cents to $299.70 per ton at 11:11 a.m. CDT (1611 GMT), holding above the roughly 16-month low of $296.60 notched earlier this month.