July 8 (Bloomberg) -- Cash premiums for corn and soybeans shipped in July to export terminals near New Orleans fell relative to Chicago futures on slower export demand and speculation that rain may limit damage from hot weather.
The spot-basis bid, or premium, for corn delivered this month fell to 89 cents to 92 cents a bushel above September futures from 90 cents to 92 cents yesterday, U.S. Department of Agriculture data show. The basis for soybeans was 75 cents to 78 cents a bushel above the July futures, compared with 75 cents to 79 cents.
“Export demand is a little softer than it was a week ago” after futures rose on threatening weather for U.S. crops, said Glenn Hollander, a partner at Hollander & Feuerhaken in Chicago. “There is a lot of uncertainty about how long the hot weather will last and the impact on crops.”
Corn futures for September delivery rose 17.25 cents, or 2.8 percent, to close at $6.4225 a bushel on the Chicago Board of Trade. The contract gained 5.9 percent this week after falling to a three-month low last week.
Soybean futures for July delivery climbed 6.5 cents, or 0.5 percent, to $13.42 a bushel, capping a 2.3 percent weekly gain.
To contact the reporter on this story: Jeff Wilson in Chicago at firstname.lastname@example.org
To contact the editor responsible for this story: Steve Stroth at email@example.com.