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| Yes Dave.
It is confusing but +70 is WIDER than +75, meaning it is less positive.
Say futures are $4.00. A buyer wants to buy grain and he posts a bid of $4.00 or OPTION price and he does not buy any grain. Now for example sake, say that the futures price stays static (unchanged) and if the buyer needs corn, he can not sipmly call up the CBOT and tell them to raise the price so he can buy grain. He has to raise the price himself so he pushes the price to $4.75 or +75 over. The basis went from 0 or option to +75 or "narrowed" up. Now he gets some corn bought and actually gets more than he needs. Still for example sake the futures price does not change so he lowers his price to $4.70 or "widends" the basis by 5 cents. (becomes less positive)
Flip it around and it makes more sense. -70 is Narrower than -75. basis becomes less negative.
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market prices - are they priced right?
