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NE Colorado | As I type this, the July KC wheat future contract is trading at $4.79. Now if I were to sell right now a contract for that amount and were capable of delivering the wheat upon contract expiration to one of the delivery points, would I not receive $4.79 for my wheat assuming it meets specifications? Isn't there supposed to be some kind of real connection between the physical good and futures contract covering that good?
I know there is a lot of wheat at some of these elevators but how does that change the actual contract?
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Historic high basis price on wheat.
