Soymeal futures the CBOT soymeal futures curve has

The CBOT soymeal futures curve has flattened, with front-month and deferred contracts converging as traders price in stable production forecasts from South America. Spot premiums in the cash market remain firm due to steady demand from livestock producers. Weekly Crop Progress data showed a 79% of the US soybean crop listed as dropping leaves, 2 points ahead of normal. Harvest was tallied at 19%, lagging the 20% average pace. Condition ratings were up 1% to 62% good/excellent, with the Brugler500 index improving 3 points to 361. Throughout the country, KS (-5), ND (-1), SD (-2), TN (-5), and WI (-2) were the only to see any deterioration. Improvement was noted in IL (+3), IN (+2), MI (+4), MN (+3), MO (+4), NE (1), and OH (+3). Another cargo of Brazilian beans for loading between August and September was rumored concluded at 185-188 cents per bu over July CME futures. And an Argentine cargo for August loading was rumored traded at 128 cents per bu over July futures. Export shipment data from the USDA showed weekly soymeal exports rising by 5% compared to last week, supporting near-term demand outlook. Futures responded with a brief rally before profit-taking pulled prices slightly lower into the close.