US Cash Soymeal-Basis offers steady in subdued trade
- End users, such as hog and poultry feeders, have covered their near-term needs at high prices and were reluctant to book more soymeal despite a setback in Chicago Board of Trade (CBOT) soymeal futures, one broker said this week.
- The CBOT May board crush, an indication of crushers' profit margins, was last down 1-3/4 cents at 72 cents per bushel.
CHICAGO: Spot basis offers for soymeal were unchanged in the US Midwest on Thursday and cash trade was quietly steady, merchandisers said.
End users, such as hog and poultry feeders, have covered their near-term needs at high prices and were reluctant to book more soymeal despite a setback in Chicago Board of Trade (CBOT) soymeal futures, one broker said this week.
As of 11:42 a.m. CDT (1642 GMT), CBOT May soymeal futures were down $2.70 at $402.20 per short ton.
The CBOT May board crush, an indication of crushers' profit margins, was last down 1-3/4 cents at 72 cents per bushel.
The US Department of Agriculture reported export sales of US old-crop soymeal in the week ended March 11 at 234,600 tonnes, in line with trade expectations for 100,000 to 300,000 tonnes.
For soybeans, the USDA reported export sales of 202,400 tonnes, at the low end of trade expectations. Top buyer China booked 71,500 tonnes of soybeans and shipped 82,000 tonnes, its smallest weekly shipment figure since July.
China's agriculture ministry has launched a campaign to lower the content of corn and soymeal in animal feed, according to a document issued this week.