CHICAGO: Spot basis offers for US soymeal at truck markets declined modestly on Monday as end-user demand from processors eased, dealers said.
Processors bought a significant amount of soybeans a week or so ago and intend to crush them because of their higher margins, a dealer said. “They’ll actively crush until margins go away,” he said.
Chicago Board of Trade soybean meal drew pressure from four sessions of soybean futures losses, led by a break in dryness in Argentina and uneasiness before Tuesday’s US Department of Agriculture monthly supply/demand report.
At 12:40 a.m. CST (1840 GMT), Chicago Board of Trade January soymeal futures were down $3.70 at $328.00 a ton.