Corn futures jumped the most in a week as demand rose for exports from the U.S., the world’s biggest shipper, and inventory of grain-based ethanol dropped to the lowest since November 2010. Wheat and soybeans gained.
Soybean futures rose to the highest in more than a week on signs of increasing demand from China, the world’s largest importer, while dry weather threatened crops in Argentina. Wheat and corn also gained.
Cash premiums for corn and soybeans shipped to export terminals near New Orleans were unchanged relative to Chicago futures as U.S. farmers slowed sales, curbing available supplies, on speculation prices will rise.
Cash premiums for corn shipped to export terminals near New Orleans this month increased against futures as farmers withheld supply, betting tight supply will revive the rally in prices. Soybean premiums were steady.
Cash premiums for corn shipped this month to terminals near New Orleans narrowed relative to Chicago futures on rising deliveries to elevators for shipment down the Mississippi River. Soybean premiums rose.
Cash premiums for corn shipped in April to terminals near New Orleans rose relative to Chicago futures after the U.S. government said domestic inventories fell to a four-year low. The soybean basis declined as demand shifted to supplies from South America.