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Ripon, WI | Basis is the supply and demand side of our markets. Right now the wheat supply outweighs the demand. There is a huge Board carry and most elevators with room to hold wheat will do so. Here in central Wisconsin our SRW wheat market is Chicago. The delivered bid there is -30¢ under the May. 50¢ freight, a margin and pow, you're at -$1.00. Delivered to the gulf is +30¢ over Chicago, but freight would eat most of us alive. With 1 billion bushels of carry out for this year, I'd not be much of a believer in basis making a big move. | |
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Wheat basis
