Corn, Soybeans Premiums Rise on Demand for Tightening Supplies
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Cash premiums for corn and soybeans shipped this month to terminals near New Orleans widened relative to Chicago futures as farmers withheld inventories amid rising prices and as demand rose.
The spot-basis bid, or premium, for corn delivered in March at Gulf of Mexico ports rose to 52 cents to 53 cents a bushel above May futures from 51 cents to 52 cents yesterday, U.S. Department of Agriculture data show. The soybean basis for delivery in the first half of this month rose to 66 cents to 68 cents a bushel above March futures from 63 cent to 70 cents.