US Cash Soymeal-Basis stays mostly flat, harvest expected to pressure values
CHICAGO, Aug 26 (Reuters) -Spot basis values for U.S. Midwest soymeal delivered by truck or rail were mostly unchanged on Monday, though the approaching soy harvest is expected to pressure basis in the coming weeks, traders said.
* Basis needs to weaken significantly between now and October to adjust for the harvest, which is expected to be the largest ever, a trader said.
* Looking ahead,basis already has a weak tone for the last half of September as dealers are lumping that period in with new-crop values, another trader said. October, November and December also have a weak tone, he added.
* Demand may ease this week due to hot weather that often reduces feed consumption by livestock, a trader said.
* At Gulf Coast export terminals, meal basis values strengthened. They also rose last week on higher South American premiums and elevated U.S. barge freight costs due to low water levels on the Mississippi River, traders said.
* Chicago Board of Trade September soymeal futures SMU24 were up $3.70 at $310 per short ton by 12:10 p.m. CDT (1710 GMT). December futures SMZ24 were up $1.80 at $306.30 per short ton.
Spot rail soymeal (dollars/ton basis CBOT, 47.5% protein):
Current | Net Change | |||
Offer | ||||
Spot rail soymeal (dlrs/ton basis CBOT, 47.5 pct protein): | ||||
Chicago | +28 | + | U | UNC |
Decatur, Illinois | +30 | + | U | UNC |
Morristown, Indiana | +30 | + | U | UNC |
Decatur, Alabama | UNQ | UNC | ||
Kansas City, Missouri | +25 | + | U | UNC |
Fostoria, Ohio | +30 | + | U | UNC |
Spot truck soymeal basis (dollars per ton):
Current Offer | Net Change | |||
Frankfort, Indiana | +70 | + | U | UNC |
Claypool, Indiana | UNQ | UNC | ||
Lafayette, Indiana | +65 | + | U | UNC |
Decatur, Indiana | +69 | + | U | UNC |
Cedar Rapids, Iowa | +35 | + | U | UNC |
Iowa Falls, Iowa | +30 | + | U | UNC |
Sioux City, Iowa | +20 | + | U | DN 5 |
Council Bluffs, Iowa | +30 | + | U | UNC |
Mankato, Minnesota | +5 | + | U | UNC |
Kansas City, Missouri | +20 | + | U | UNC |
CIF GRYQ
Del Month | Bid | Chg | Ask | Chg | ||
AUG | +47.00 | U | UP 2 | +55.00 | U | UNC |
SEP | +45.00 | U | UP 5 | +52.00 | U | UP 2 |
OCT | +32.00 | V | UNC | +38.00 | V | UNC |
NOV | +32.00 | Z | UNC | +38.00 | Z | UNC |
DEC | +32.00 | Z | UNC | +38.00 | Z | UNC |
JAN/FEB/MAR | +18.00 | H | UNC | +35.00 | H | UP 5 |
FOB GRZG
Del Month | Bid | Chg | Ask | Chg | ||
SEP | UNQ | UNC | UNQ | UNC | ||
OCT - FH | UNQ | UNC | UNQ | UNC | ||
OCT - LH | UNQ | UNC | +48.00 | V | UP 6 | |
NOV | UNQ | UNC | +40.00 | Z | UP 1 | |
DEC | UNQ | UNC | +40.00 | Z | UP 4 | |
JAN | UNQ | UNC | +30.00 | F | 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 Tom Polansek in Chicago; Editing by Richard Chang
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