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Northern Plains soybean basis strengthens amid tight supplies

A market analyst says a combination of factors are strengthening soybean basis in the Northern Plains this fall.

Randy Martinson with Martinson Ag Risk Management, based in eastern North Dakota, tells Brownfield a rise in exports means local crush plants are competing for products, and there’s other factors at play.

“Harvest has been delayed a little bit, due to the wet conditions, and we’re seeing lower production due to the drought,” he says. “That’s causing elevators to bid aggressively to get soybeans.”

He says basis is at levels that haven’t been seen in a long time.

“I think most are bidding somewhere in the area of 50 to 65 cents under, but once you get to January or February 2027, we’ve gone positive at the crush plants. Their basis is running somewhere from zero to 15 cents over.”

DTN says the national average basis for soybeans has been 56 cents under the November futures price.