My method for doing this:make 2 renders:1. only the object, set the background as not visible (object properties) in render but still on so you get the correct shadow etc. render with a pure black background. Save this render as an 32 targa with compress on, alpha slit off and pre-multiplied alpha off.2. render the shadow, so set the background as visible and the object as not visible, render on a as white as possible background. Save this renders as a file you want.then in Photoshop:open render 1. go to "channels". right-click the alpha. back to layers, create mask and delete mask (yes apply changes). Now you have a perfectly sharp cutout. tip: select with the magic want tool the empty space, create mask, select mask, Ctrl I. right-click mask, "select and mask" and now you can feather the edges of your object as you like.open render 2 and place it as background in the render 1 file. use the level tool to make the background of render 2 pure white. create a pure black layer, give the pure black layer a mask. hide your object so you only see the shadow (on pure white). then ctrl A, ctrl shift C, Alt on mask of black layer, ctrl V and ctrl I.Now delete render 2. Make a background layer (white?) and adjust the pure black (shadow) layer til you have a shadow you like.Good luck :)
I think I have a few ways that could solve your problem.....depending on the answers to these three questions1. What version of photoshop are you using for this project?2. do the images need to be 32 bit exr, or can you use png's?3. are all the images going to be in the same context as your example ( with white background + shadows)?