US Cash Soymeal-Gulf basis steady to lower; Midwest basis unchanged
CHICAGO, Oct 28 (Reuters) -Spot basis offers for soymeal eased at the U.S. Gulf export terminal on Monday while the basis was mostly unchanged at Midwest rail and truck markets, underpinned by tight spot supplies of the feed ingredient in some areas, dealers said.
* CIF basis bids for soymeal shipped by barge to the Gulf weakened along with FOB export premiums for outgoing shipments in January and February.
* Soymeal supplies for October were largely booked in parts of the western Midwest, but a slide in Chicago Board of Trade soymeal futures to two-month lows was attracting interest from end-users seeking coverage for November and December, one broker said.
* On the CBOT as of 11:08 a.m. CDT (1608 GMT), benchmark December soymeal SMZ24 futures were down 70 cents at $305.10 per short ton after falling to $302.70, the contract's lowest since Aug. 26.
* CBOT soybeans Sv1 were down 6 cents at $9.91-1/2 a bushel while soyoil BOv1 futures were down more than 3%, pressured by a 5% sell-off in crude oil. GRA/ O/R
* The CBOT March board crush 1SMSIH25-BOH25-SH25, one indication of processors' profit margins, was last down 9-3/4 cents at $1.47 per bushel.
Spot rail soymeal (dollars/ton basis CBOT, 47.5% protein):
Current | Net | |||
Offer | change | |||
Chicago | +14 | + | Z | UNC |
Decatur, Illinois | +10 | + | Z | UNC |
Morristown, Indiana | +10 | + | Z | UNC |
Decatur, Alabama | UNQ | UNC | ||
Kansas City, Missouri | +20 | + | Z | UNC |
Fostoria, Ohio | +10 | + | Z | UNC |
Spot truck soymeal basis (dlrs per ton):
Frankfort, Indiana | +35 | + | Z | UNC |
Claypool, Indiana | +50 | + | Z | UNC |
Lafayette, Indiana | +35 | + | Z | UNC |
Decatur, Indiana | +33 | + | Z | UNC |
Cedar Rapids, Iowa | +25 | + | Z | UNC |
Iowa Falls, Iowa | +20 | + | Z | UNC |
Sioux City, Iowa | +15 | + | Z | UNC |
Council Bluffs, Iowa | +15 | + | Z | UNC |
Mankato, Minnesota | +0 | + | Z | UNC |
Kansas City, Missouri | +8 | + | Z | UNC |
CIF GRYQ
Del Month | Bid | Chg | Ask | Chg | ||
OCT | +60.00 | Z | DN 5 | UNQ | UNC | |
NOV | UNQ | NC | UNQ | UNC | ||
DEC | UNQ | NC | UNQ | NC | ||
JAN | +15.00 | H | DN 5 | +32.00 | H | UNC |
FEB / MAR | +15.00 | H | DN 5 | +32.00 | H | UNC |
FOB GRZG
Del Month | Bid | Chg | Ask | Chg | ||
DEC - FH | UNQ | UNC | UNQ | UNC | ||
DEC - LH | UNQ | UNC | +44.00 | Z | UNC | |
JAN | UNQ | UNC | +36.00 | F | DN 4 | |
FEB | UNQ | UNC | +33.00 | H | DN 1 | |
MAR | UNQ | UNC | +32.00 | H | UNC |
NOTES: F = January H = March K = May N = July Q = August
U = September V = October Z = December
O = Option price UNQ = Unquoted NC = No comparison
UNC = Unchanged FH = First half LH = Last half
LINKS:
* U.S. rail, truck soymeal 0#USMEAL-RTR
* NOPA monthly soy crush SYC/U
* CBOT soymeal futures prices 0#SM:
* Reuters oilseeds news stories MEAL
* Brazil FOB export prices GRAIN/BRZ
* Argentina grain/oilseed prices GBRB
Reporting by Julie Ingwersen; Editing by Rod Nickel
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