I'm no market expert but if I understand basis right when it is wide it would seem to me it is telling us that the end user is not really needing to pay up to get enough wheat to meet milling needs. If that is the case then speculative money would be driving the futures up but the end user doesn't really need the wheat "right now". This would suggest to sell futures and hold cash if a person was inclined to like the current futures prices.

 I suspect there is quite a bit of wheat moving to clear bins for corn harvest and thus the wide basis. That will be the situation here. Although the super poor wheat harvest here didn't really take that many bins to store it.

John