CHICAGO: Spot basis offers for US soymeal at rail markets on Wednesday were weakened by tepid demand in advance of the Christmas and New Year holidays, dealers said.
Farmers and processors tracked the uptick in Chicago Board of Trade (CBOT) soybean meal futures, helped by soybeans that recovered from Tuesday’s US Department of Agriculture (USDA) monthly supply/demand report.
USDA forecast soybean 2017-18 ending stocks at 445 million bushels, up 20 million bushels from its November outlook. It lowered its oilseed export forecast by 25 million bushels and raised seed usage by 5 million bushels.
At 12:55 p.m. CST (1855 GMT), CBOT January soymeal futures were up $1.30 at $326 a ton.