Corn Premiums Rise on Increased Demand; Soybean Basis Drops
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Cash premiums for corn shipped in April to terminals near New Orleans rose relative to Chicago futures as demand improved. The soybeans basis fell as buying is shifting to newly harvested supplies in South America.
The spot-basis bid, or premium, for corn delivered in the second half of this month was 51 cents to 59 cents a bushel above May futures, compared with 51 cents to 56 cents yesterday, U.S. Department of Agriculture data show. The basis for soybeans delivered in April fell to 58 cents to 64 cents a bushel from 58 cents to 67 cents.