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 - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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