US Cash Soymeal — Basis offers mostly flat, soybean harvest proceeds

CHICAGO, Oct 14 (Reuters) — Cash basis offers for soymeal were mostly unchanged at rail and truck terminals in the US Midwest on Wednesday, dealers said, as the soybean harvest was chugging along. The basis rose by $8 a ton at an Iowa soy processing facility. A few processors were tight on supplies at the Gulf, which has helped to support the basis, a merchant said. The US soybean crush likely dropped to a one-year low in September due to scheduled processing plant downtime and as some plants in the western Midwest ran low on crushing supplies due to harvest delays, analysts said ahead of a National Oilseed Processors Association report due on Thursday. One merchant said crushing supplies remained limited after becoming tight last month. Soy processing rates are due to rise significantly from October and beyond as farmers are actively harvesting what is expected to be a record-large US crop. Rain stalled field work in the middle of this week, but drier conditions were expected by the end of the week, forecasters said. Chicago Board of Trade December soymeal futures rose $1.30 to end at $364.50 per short ton. Spot rail soymeal (dlrs/ton basis CBOT, 47.5% protein): Current Net Change