I'm kinda disappointed that Russian drought thing happened all of a sudden and the price skyrocketed. Droughts don't happen overnight. Some of that market funny business.
Same funny business goes into the basis. Watched the basis for wheat go from .45 to $1.25 in a year. I thought basis was supposed to reflect transportation costs to market. Gas didn't go up that much. Two elevator companies 20 miles apart can have have a .40 or difference in basis. Then we have the difference in basis between grains. Milo was anywhere from .58 to .70 for basis and wheat is a lot higher. Last time I looked, rail cars and trucks don't care what goes inside them, the price to transport grain is the same. End of rant.
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Today's Featured Article - Gatherin of the Orange - by Rick Nikolich. In July of 1998 I was talking to fellow Allis Chalmers collector Mike Schilling about the annual "Gathering of The Orange" AC show coming up in August of 1999. He got this wild idea that we should get a convoy of AC tractors and drive them from Charlotte, Michigan 105 miles to LaGrange, Indiana.
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