I guess I lean the other direction, my grain gets bought by my local couple coops, and really only the local cash price they set - which reflects the basis - matters to me.
The CBOT bid is imaginary number to me, I guess it makes it easier to follow the up and down trends of grain prices over time, but I have never ever been paid CBOT bid on any grain I ever sold. It is -always- CBOT price minus the local basis that sets my grain prices.
Basis makes much more difference to me. Basis once or twice in my life was higher than CBOT, and can easily range a dollar or more less than CBOT. Living in a grain surplus region, if CBOT goes up 30 cents, often basis goes down 20 cents at the same time so my big windfall of grain income is a whopping dime, not 30 cents!
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