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 - Fasteners: The Nuts and Bolts of Nuts and Bolts - by Curtis Von Fange. The nuts and bolts of nuts and bolts is an interesting and essential piece of knowledge that applies to our older tractors. An improperly torqued capscrew on an engine head or a shear bolt that is too hard on the driving shaft of a bushog can create havoc and make an expensive and uncalled for repair. Let�s examine the purpose and design of these fasteners in order to ensure their proper use. Fasteners are probably one of the aspects of mechanics that is given the least amount of thought.
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