* Iowa basis offers climbed as supplies of spot soymeal were tight, rising by $2 per ton at processors in Cedar Rapids, Iowa Falls and Sioux City.

* Supplies of soymeal were tight in some areas as several soy processing plants were taking or preparing to take seasonal downtime for maintenance.

* Near-record-high prices limited demand for soymeal. The inverted market structure, with short-dated futures at a premium to deferred contracts, discouraged buyers from making big spot purchases.

* Many livestock producers and feed mixers also continue to seek cheaper alternatives, such as dried distillers' grains, canola meal, cottonseed meal or corn gluten.

* Soy futures on the Chicago Board of Trade rallied on Wednesday after recent declines on worries about tightening supplies due to the US drought.

* CBOT September soymeal was up $11.60 at $518.20 per ton as of 12:07 p.m. CDT (1707 GMT).

* CBOT September board soy crush fell 2-1/4 cents to 69-1/2 cents per bushel.