CHICAGO: Spot basis offers for US soymeal were mixed in the US Midwest on Friday, supported in some areas by tight supplies due to moderate demand from poultry feeders coupled with downtime at various crushing plants, ingredient dealers said.
* Chicago Board of Trade soymeal futures were hovering near three-month lows, a factor that kept buyers' attention, one broker said.
* But elsewhere, soymeal basis offers weakened and dealers reported lackluster demand ahead of a long US holiday weekend.
* US markets, including the CBOT, will be closed on Monday in observance of Labor Day.
* Some end-users were booking only enough soymeal to meet immediate needs as they awaited the start of the 2019 soybean harvest, an Indiana broker said.
* Most dealers have rolled their basis offers forward to post against the CBOT October soymeal futures contract as the September contract nears its expiration.
* CBOT September soymeal settled down $2.70 at $289.30 per short ton while October soymeal ended down $2.60 at $291.70.
* The CBOT December-November board crush fell nearly 4 cents, to 97-3/4 cents per bushel.
* Ahead of the US Department of Agriculture's monthly fats and oils report due Tuesday, analysts on average expected the government to report the US soybean crush for July at 178.5 million bushels.
Comments
Comments are closed.