Soybean Premiums Drop as Futures Jump in Chicago; Corn Basis Is Unchanged

Cash premiums for soybeans shipped to export terminals near New Orleans fell relative to Chicago futures after prices jumped to a six-month high, eroding demand for immediate supplies. Corn premiums were unchanged.

The spot-basis bid, or premium, for soybeans delivered in August dropped to 74 cents to 75 cents a bushel above August futures on the Chicago Board of Trade from 75 cents to 76 cents yesterday, U.S. Department of Agriculture data show. Corn premiums for delivery next month were unchanged at 32 cents to 37 cents above September futures, which reached a two-week high.

“There’s not much interest in adding to inventories” with harvesting already beginning in the southern U.S., said Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa.

Soybean futures for August delivery rose 25.75 cents, or 2.5 percent, to settle at $10.525 a bushel at 1:15 p.m. on the CBOT.

Corn futures for September delivery rose 13.5 cents, or 3.6 percent, to settle at $3.9275 a bushel.

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net

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