National average soybean basis of 51 cents over the July futures is 1 cent higher than last week and continues to move well above the five-year average of the strongest basis at this time. Soybean basis has continued to rise and is 82 cents higher than the DTN five-year average basis for the third week of May. Most U.S. basis levels have been positive since April and continue to climb as tight old-crop supplies remain a concern for crushers. Basis along the river was stronger last week with April barge placements completed and end users needing to buy spot supplies after flooding kept them from unloading grain onto barges.
