April 28 (Bloomberg) -- Cash premiums for soybeans shipped in May to terminals near New Orleans were steady relative to Chicago futures, after prices fell the most in more than two weeks. Bids fell for corn delivered in May.
The spot-basis bid, or premium, for soybeans delivered next month was unchanged at 60 cents to 70 cents a bushel above May futures, U.S. Department of Agriculture data show. There was no comparison for corn delivered in May as exporters rolled basis from May to July futures. The average spot price fell 28.5 cents compared with a 30-cent drop in July futures.
“It’s very quiet today, after the futures declined,” said Glenn Hollander, a partner at Chicago-based Hollander & Feuerhaken, a cash trader and futures broker. “The basis is going to have to come up to buy some corn the next several weeks,” because farmers will be focused on planting this year’s crop, Hollander said.
Soybean futures for May delivery fell 27.75 cents, or 2 percent, to $13.5025 a bushel on the Chicago Board of Trade, the third straight decline.
Corn futures for July delivery fell the exchange limit of 30 cents, or 3.9 percent, to close $7.2925 a bushel on the CBOT.
Barge shipments of grain and soybeans fell 23 percent to 468,222 metric tons in the week ended April 23 from a year earlier as flooding slowed river traffic, the USDA said. Sixteen locks on the upper Mississippi, Ohio, Kaskaskia and Arkansas rivers are closed because of high water, according to a weekly USDA report today.
Major flooding is already reported at 66 locations, data from the National Weather Service show. A record crest on the Ohio River near Cairo, Illinois, is expected on May 1, and many locations from Cincinnati to Memphis, Tennessee, will top prior all-time highs, according to the agency.
“Most exporters have already prepared for the shipping delays,” Hollander said. “If we get the water levels to drop, it should not be a long-term problem.”
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