Basis is the difference between the local price and the Chicago Board of trade price. An example: Chicago price of $7.40 and your local price is $7.10. That would be a -$0.30 basis.
Here locally in North-east Iowa we may have a positive basis much of the time. The closer you are to the end user the basis will be less or even negative. So a guy in North Dakota that is five hundred miles from the end user point may have a -$1.50 basis.
When marketing the goal is to get the best price but with the lowest basis as well. This way you should be maximizing the local market.
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Today's Featured Article - The Great Escape - by Dave Hollrah. It all began Monday with a little baling of second crop on the lake shore field, and as I drove out past my sister and her hubby's place, this small calling sound could be heard from the general direction of their manure pile. Out of the yard, over the cows and bale piles, through the dozer piles, poplars, and brush, out onto the ditch grade road, past the noisy 6.2 diesel engine pulling my well traveled Suburban along. Well it sure didn't take me long to figure out what it was because I alrea
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