Texas/New Mexico Stateline | It is like saying since I can't get exactly the futures price on my corn, the futures system is worthless.
Basis is all over the place in the grain market, and guys still use the futures to hedge risk.
Feeder cattle futures are CASH SETTLED based of REAL life auction prices from what, 25 major markets?
If the futures market gets too far out of line of the actual auction prices, the cash settlement brings it back in line. And vice versa.
Edited by milofarmer1 5/27/2016 23:28
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Need information on price protection
