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 - A City Guy's First Tractor - by Fred Hambrecht. After living in apartments in Atlanta for more years than I care to remember, the wife and I decided to move to the country. Humming "Green Acres is the place for me..." we purchased a 29 acre tract about 60 miles south of Atlanta. Next came the house, I could talk about that ordeal for another two weeks... But, I want to talk about my tractor! We didn't even own a lawnmower, and all of a sudden we had enough grass to feed all the starving children of the bovine world. Naturally, I talked
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