US soy premiums steady on sluggish exports

Cash premiums for soy shipped to export terminals near New Orleans were unchanged relative to Chicago futures as demand slowed from overseas buyers and US inventories declined.

The spot-basis bid, or premium, for soy delivered in June was 63 cents to 66 cents a bushel above July futures, the same on Tuesday (June 8), government data show. Futures are down 6.8% since April 30, partly because of record harvests in Brazil and Argentina, the biggest exporters behind the US.

Domestic soy inventories at the end of the marketing year on August 31 may total 190 million tonnes, the USDA said in a report last month. That may fall in a government report set to be released on June 10, according to analysts.

Soy futures for July delivery fell 4 cents, or 0.4%, to US$9.31 a bushel on the CBOT. The most-active contract has dropped 11% this year.