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SW WI | Sat and Tara have been talking about basis for a long time. You would think a couple of guys from the Dakotas would know a thing or two about basis. But I let things slip and got bit....a little. Like I say, feelings hurt more than much money out of my pocket.
Working on last 60 acres of beans, met all my contracts already, this is sort of extra. Usual terminal I haul to has consistently strong basis but 30 miles away from acreage. Another elevator 3 miles from my beans were within .06/ bushel and not much for lines vs 2 to 3 hr wait. So let's get this done. Hauled first load in all went well. Second load, office girl says " just wanted to let you know we widened the basis at noon". 20 cents/bushel.
Now of course my first reaction was, that's crap, markets aren't even open (Saturday) and also, you just saw a pile of beans come in locally and decided to grab a bigger pie of the pie.
All true...and completely within their right to do so. Any number of reasons I can give on how it slipped for me. I've been battling the flu and just out of it, a number of irons in the fire counting on other people to do their job without babysitting... But it comes down to I did not lock in basis or straight cash.
Heed Sat and Tara's advice on basis...just as important as the futures
All education is expensive, this not to bad. But it did hurt my feelings****** | |
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Got a little butthurt over basis
