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Soybean, Corn Premiums Are Steady as Farmers Hold Back Supplies

Cash premiums for soybeans and corn shipped to export terminals near New Orleans this month were steady against futures yesterday as farmers withheld supplies amid falling prices in Chicago.

The spot-basis bid, or premium, for soybeans delivered in November was unchanged at 74 cents to 78 cents a bushel above January futures yesterday, U.S. Department of Agriculture data show. Corn premiums were 39 cents to 46 cents a bushel above March futures. A day earlier, the spot basis was quoted on the soon-to-expire December futures.

“It’s quiet because farmers already sold all the corn and soybeans they plan to deliver this month,” when prices were higher, said Carl Schalber, a merchandiser for Tomen Grain Co. in Peoria. “We should see the basis firm a little because export demand is expected to remain active” into January, he said.

Soybean futures for January delivery fell 3.25 cents, or 0.3 percent, to close at $12.7975 a bushel yesterday on the Chicago Board of Trade. The commodity touched a 26-month high at $13.485 on Nov. 12 amid rising Chinese demand.

Corn futures for March delivery dropped 10.75 cents, or 1.9 percent, to close at $5.555 a bushel on the CBOT. The most-active contract fell 6.5 percent in November, the first monthly decline since May.

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