With support from the export market, soybean basis moved up four cents on average across the country. The export market in previous weeks has held steady and given the cash market little support. In contrast to what has happened throughout the month, over the last seven days spot soybean basis out of the Gulf increased 15 cents. This increase sent a wave of strength up the rivers as terminals boosted basis an average of 10 cents. Basis strength along the rivers was also supported by falling barge rates. In the last couple days the rate for barges moving to the Gulf from St. Louis have decreased their rate three cents allowing elevators in the area to further increase basis.
Over the week, North Dakota increased basis an average of eight cents, Nebraska moved basis up seven cents and South Dakota boosted basis five cents. In the beginning of November, North Dakota soybean basis was 35 cents below the national average. As of today they have narrowed that margin by six cents and decreased the difference to 29 cents. Basis in North Dakota is currently 23 cents above where it was recorded in 2010.