John, cash is above futures. Wider basis = higher cash bid. For some reason I don't seem to have Friday's bids, but Thursday's Springdale was 4.55 which if I recall correctly is only about a dime off of the best cash price we have been offered. Correction, a nickel off...well, it depends on how you figure it I guess, there was some extrcurricular shenanigins involved in the previous best bid. The previous high was during the ice storm and they had the basis pretty attractive plus they were paying us extra on top of the normal freight trying to get something to show up while they were short. It gets hard to compare basis across time as the cash price moves from one month's contract to another. For a point of reference for others who may be reading this....that price translates into a farm bid of 4.20 at my bin assuming normal freight rates. Probably a few cents more for John as he is 30 miles closer to the delivery point. |