July 26 (Bloomberg) -- Cash premiums for U.S. corn and soybeans shipped this month to export terminals near New Orleans widened relative to Chicago futures as increased processor demand reduced shrinking supplies for exporters.
The spot-basis bid, or premium, for corn delivered this month was 86 cents to 91 cents a bushel above September futures, compared with 80 cents to 86 cents yesterday, U.S. Department of Agriculture data show. The soybean premium was 76 cents to 84 cents a bushel above August futures, up from 72 cents to 84 cents yesterday.
“Most of the corn and soybeans are staying in the domestic-processor market,” Scott Stoller, a grain merchandiser for Michlig AgriCenter Inc. in Manlius, Illinois, said in a telephone interview. “Processors have recently outbid exporters and now have acquired enough supplies until harvest” in September and October, he said.
Corn futures for September delivery rose 11 cents, or 1.6 percent, to close at $6.8975 a bushel on the Chicago Board of Trade, the biggest gain since July 13.
Soybean futures for August delivery jumped 17.5 cents, or 1.3 percent, to $13.83 a bushel, the first gain in three sessions.
--Editors: Millie Munshi, Daniel Enoch
-0- Jul/26/2011 20:40 GMT
-0- Jul/26/2011 20:56 GMT
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.