US soy, corn cash premiums extend on sluggish sales

Cash premiums for soy and corn shipped to export terminals near New Orleans widened relative to futures as farmers halted sales and awaited the first US estimates on supply and demand, based on planting intentions.

The spot-basis bid, or premium, for soy deliveries this month was 40-44 cents a bushel above July futures on the CBOT, up from 40-41 cents on May 7, government data show. The premium for corn in May was 47-48 cents above July futures, compared with 46-48 cents.

Soy futures for July delivery rose 1 cent, or 0.1%, to US$9.61 a bushel. Corn futures for July delivery fell 1.5 cents, or 0.4%, to US$3.705 a bushel.

In the week ended May 6, soy inspected for export fell 34%, and corn dropped 11%, government data showed.

Meanwhile, weather forecasts in the Gulf of Mexico indicate winds will push an oil slick toward Louisiana in the next few days after BP Plc’s failed to halt the offshore leak.