There probably aren't two dozen of us on here who know what basis is,but things like it come up in discussions from time to time. When I watched the show this morning,I thought they made pretty good mention of it and it might help a bunch of non farmers out. You're right,there's never any mention of basis at the elevator for the most part,just the posted grower paying price,but if somebody looks at the price on the Chicago Board of Trade and thinks that's what farmers get a check for,they're wrong. Just trying to help them understand the difference between CBOT price and grower paying price.
When I was shipping milk and the price was based on pounds shipped and butterfat test instead of components and all the quality premiums,a friend and I were talking price one night. His butterfat was the same as mine but his price was ten cents lower. It finally dawned on us that we were shipping to two different MMPA plants. I was shipping to a "zero zone" plant,meaning that there was no basis,he was shipping to a "minus ten" plant,meaning that there was a ten cent basis in his milk. Both plants were owned jointly by the same co-op and cheese manufacturer,but because they figured milk was coming from farther away to one,there was a ten cent basis to cover transportation.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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