Corn and Soybean markets are all based on the Chicago Board of Trade (CBOT). Local Elevators need to adjust the price for handling and transportion charges. This adjustment is refered to as basis.
Basis changes throughout the year as the local need for grain changes. Right now the basis is at about it's widest as harvest is getting into full swing. Couple months ago in Fixerupper's and my area (we are about 15 miles apart) the basis was negative. This was due to the reasons Fixerupper already has explained. BTW we are on the far side of Iowa from Chigago.
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Today's Featured Article - The 8N and the Fox - by Zane Sherman. Dec. 13 1998, Renfroe, Alabama. Last niht I dreamed about the day that I plowed the field of about 10 acres over on what Jimmy and Dandy called the Ledbetter field. I was driving the 1948 8N Ford tractor that Jimmy bought in 48 new This was prebably in about 1951 and maybe even befor the house was built. This would have made me to be about16 years old and I drove the tractor for nothing and would have paid to drive it if I had had any money which I didn't, but neit
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