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US spot soymeal basis offers were unchanged in the Midwest on March 18 and cash trade was quiet. Hog and poultry feeders had covered near-term needs at high prices and were reluctant to book more, despite a setback in CBOT soymeal futures.
The CBOT May board crush was down 1.75 cents at 72 cents per bushel.
Buyer resistance at high prices and a futures setback point to softer near-term soymeal demand, which may cap further gains.
brecorder.comReutersMar 18, 2021Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
