Cash premiums for U.S. corn and soybeans shipped in July to export terminals near New Orleans narrowed relative to Chicago futures as demand slowed.
The spot-basis bid, or premium, for corn delivered this month was $1.02 to $1.03 a bushel above September futures, compared with $1.03 to $1.04 yesterday, U.S. Department of Agriculture data show. The soybean premium declined to 75 cents to 84 cents a bushel above August futures from 77 cents to 84 cents, the fifth drop in six sessions.
“It’s extremely quiet,” Glenn Hollander, a partner at Hollander & Feuerhaken, a cash grain merchandiser and broker in Chicago, said in a telephone interview. “People are pulling back a bit and waiting to see if prices fall.”
Corn futures for September delivery fell 8.75 cents, or 1.3 percent, to $6.7925 a bushel on the Chicago Board of Trade, the third decline this week. On July 19, the price reached $7.235, the highest for the contract since June 15.
Soybean futures for August delivery rose 2 cents to $13.8025 a bushel, the first gain in four sessions.