Corn, Soybean Premiums Rise as Rain Slows Harvest, Farmer Sales
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Cash premiums for corn and soybeans shipped to export terminals near New Orleans increased relative to Chicago futures as rains across parts of the Midwest this week stalled harvesting and crop sales.
The spot-basis bid, or premium, for corn delivered in September was 34 cents to 35 cents a bushel above December futures, compared with 17 cents to 35 cents yesterday, U.S. Department of Agriculture data showed. Soybean premiums rose to 52 cents to 57 cents above November futures from 50 cents to 56 cents yesterday.