SOYCOMPLEX COULD RALLY ON TIGHT U.S. FEED SUPPLY Nearby months in soybean and soymeal futures could post a short-term rally on tightening supply of livestock feed, even if favorable growing conditions keep the new crop outlook bearish, traders said. "A lot of soymeal dealers are just getting very worried about where processors will get their soybeans this Summer," one Illinois soyproduct dealer said. Processors are competing vigorously with river dealers for the few soybeans being offered by country elevators, with a Decatur, Illinois processor raising its spot soybean basis bid another two cents today to 10 over July futures. Farmer marketings of old crop soybeans continue very light, with flat prices apparently well below levels they are willing to sell, dealers said. Some terminal elevator operators are coming to the belief that even if futures rally back to last month's highs, country movement may remain light because farmers in many areas are sold out of old crop soybeans, particularly in the eastern half of the Midwest. Soybean processors will continue to take seasonal downtime for maintenance if soybeans remain difficult to buy, reducing the weekly soybean crush rate still further and keeping the spot soymeal basis strong, dealers said. Futures traders said tight cash supplies should help July soybeans and soymeal gain on deferreds. July soymeal has already moved to a premium over the August through October months and old crop July/new crop November soybeans may also move to a July premium later this month, they added.