Cash premiums for U.S. corn and soybeans shipped in July to export terminals near New Orleans <http://topics.bloomberg.com/new-orleans/> rose relative to Chicago futures as farmers slowed sales and hot, dry weather threatened Midwest yields.
The spot-basis bid, or premium, for corn delivered this month advanced to 89 cents to 97 cents a bushel above September futures from 89 cents to 92 cents on July 8, U.S. Department of Agriculture data<http://search.ams.usda.gov/mndms/2011/07/bg_gr11020110711.txt> show. There was no comparison for soybeans delivered this month as exporters rolled basis from July to August. Bids for August delivery jumped as much as 10 cents. “Farmers are scared to sell any more bushels with the hot weather in the forecast,” saidMark Schultz <http://topics.bloomberg.com/mark-schultz/>, the chief analyst for Northstar Commodity Investment Co. in Minneapolis<http://topics.bloomberg.com/minneapolis/>. “Domestic feed manufactures and food and fuel producers are bidding more and that’s keeping supplies out of the export market.” '+'
