Nebraska Cash Wheat Prices and Basis Patterns

Nebraska Cash Wheat Prices and Basis Patterns

Nebraska Cash
Wheat Prices and
Basis Patterns
Samantha Overturf
Student Extension Assistant
Darrell R. Mark
Extension Livestock Marketing Specialist
Department of Agricultural Economics
Institute of Agriculture and Natural Resources
University of Nebraska—Lincoln
Table of Contents
Nebraska Cash Wheat Prices and Basis Patterns ................................................................................................. 3
Table 1. Nearby KBOT Wheat Futures, 1997-2010 ............................................................................................... 4
Figure 1.Nearby KBOT Wheat Futures, 2005-2010............................................................................................... 5
Table 2. Beatrice, Neb. Cash Wheat Price, 1997-2010 ......................................................................................... 6
Table 3.Beatrice, Neb. Cash Wheat Basis, 1997-2010 .......................................................................................... 7
Figure 2. Beatrice, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 .................................................. 8
Table 4.Brule, Neb. Cash Wheat Price, 1997-2010 ............................................................................................... 9
Table 5.Brule, Neb. Cash Wheat Basis, 1997-2010 ..............................................................................................10
Figure 3.Brule, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 .......................................................11
Table 6. Dorchester, Neb. Cash Wheat Price, 1997-2010 ................................................................................12
Table 7.Dorchester, Neb. Cash Wheat Basis, 1997-2010 .....................................................................................13
Figure 4. Dorchester, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 .............................................14
Table 8.Dix, Neb. Cash Wheat Price, 1997-2010 .............................................................................................15
Table 9.Dix, Neb. Cash Wheat Basis, 1997-2010 .............................................................................................16
Figure 5. Dix, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 .........................................................17
Table 10. Grand Island, Neb. Cash Wheat Price, 1997-2010 ............................................................................18
Table 11. Grand Island, Neb. Cash Wheat Basis, 1997-2010 ............................................................................19
Figure 6. Grand Island, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010...........................................20
Table 12. Greenwood, Neb. Cash Wheat Price, 1997-2010 .............................................................................21
Table 13. Greenwood, Neb. Cash Wheat Basis, 1997-2010 .............................................................................22
Figure 7. Greenwood, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 ............................................23
Table 14.Hastings, Neb. Cash Wheat Price, 1997-2010 ...................................................................................24
Table 15.Hastings, Neb. Cash Wheat Basis, 1997-2010 ...................................................................................25
Figure 8. Hastings, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 .................................................26
Table 16. Holdrege, Neb. Cash Wheat Price, 1997-2010 .................................................................................27
Table 17. Holdrege, Neb. Cash Wheat Basis, 1997-2010 .................................................................................28
Figure 9. Holdrege, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 ................................................29
Table 18. Imperial, Neb. Cash Wheat Price, 1997-2010 ..................................................................................30
Table 19. Imperial, Neb. Cash Wheat Basis, 1997-2010 ..................................................................................31
Figure 10. Imperial, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 ...............................................32
Table 20.Kimball, Neb. Cash Wheat Price, 1997-2010 ....................................................................................33
Table 21.Kimball, Neb. Cash Wheat Basis, 1997-2010 ........................................................................................34
Figure 11. Kimball, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 .................................................35
1
Table 22.Lexington, Neb. Cash Wheat Price, 1997-2010 .................................................................................36
Table 23.Lexington, Neb. Cash Wheat Basis, 1997-2010 .....................................................................................37
Figure 12. Lexington, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 .............................................38
Table 24.McCook, Neb. Cash Wheat Price, 1997-2010 ....................................................................................39
Table 25.McCook, Neb. Cash Wheat Basis, 1997-2010 ...................................................................................40
Figure 13. McCook, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 ................................................41
Table 26.Merna, Neb. Cash Wheat Price, 1997-2010 ......................................................................................42
Table 27. Merna, Neb. Cash Wheat Basis, 1997-2010 .........................................................................................43
Figure 14. Merna, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 ..................................................44
Table 28.Murdock, Neb. Cash Wheat Price, 1997-2010 ..................................................................................45
Table 29. Murdock, Neb. Cash Wheat Basis, 1997-2010 .....................................................................................46
Figure 15. Murdock, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 ..............................................47
Table 30.Ogallala, Neb. Cash Wheat Price, 1997-2010 ....................................................................................48
Table 31.Ogallala, Neb. Cash Wheat Basis, 1997-2010 ...................................................................................49
Figure 16. Ogallala, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 ................................................50
Table 32. Plymouth, Neb. Cash Wheat Price, 1997-2010 ................................................................................51
Table 33. Plymouth, Neb. Cash Wheat Basis, 1997-2010 ................................................................................52
Figure 17. Plymouth, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 .............................................53
Table 34. Superior, Neb. Cash Wheat Price, 1997-2010 ..................................................................................54
Table 35. Superior, Neb. Cash Wheat Basis, 1997-2010 ..................................................................................55
Figure 18. Superior, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 ...............................................56
Table 36. Waverly, Neb. Cash Wheat Price, 1997-2010.......................................................................................57
Table 37.Waverly, Neb. Cash Wheat Basis, 1997-2010 ...................................................................................58
Figure 19. Waverly, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010 ...............................................59
2
Nebraska Cash Wheat Prices and Basis Patterns
The basis data in this publication are a valuable tool for producers across the state to use in the
marketing of their grain. Basis is the difference between the local cash grain price in Nebraska and the
nearby futures price. Good understanding of local basis trends can assist producers in making grain
marketing decisions and forecasting basis when evaluating futures hedges.
The basis tables and charts in this publication are produced using prices reported by USDA’s Agriculture
Marketing Service in its daily Nebraska Cash Grain Bids publication (WH_GR111). Most locations have
data from 1997 through 2010, but some locations in Nebraska were only reported in recent years.
Prices are reported weekly using Thursday cash prices. Also, only 48 weeks are used in the year to make
consistent 4-week months each year to ease in comparison across years. In the case where a month had
5 Thursdays, the prices for the last two were averaged and reported.
The Kansas City wheat futures price close for the closest nearby contract month for the Thursday
corresponding to the cash price is reported on the first table and used to calculate the basis. All basis
and cash prices are for nearby (spot) delivery. The closest nearby futures contract price is used until the
beginning of the futures contract month, at which point the futures price is rolled to the next nearby
futures contract. For example, the March futures contract price for wheat is used in December, January,
and February, but at the beginning of March, the May futures contract is used as it is the next closest
nearby contract.
When marketing grain, many producers concentrate on flat cash prices they receive from local grain
buyers. There are two components to these flat prices that buyers use to bid. One is the current futures
price level. The second is the basis value. Added together, they give a local cash price. This basis (the
difference between local cash price and the futures price) has a seasonal pattern that differs across the
state. Generally though, wheat basis is widest (more negative or less positive) during the summer at
harvest. And the opposite is true in the months following harvest. Additionally, the wheat market
generally has lower average basis values in western Nebraska locations and higher values on the eastern
end of the state. This is explained primarily by the fact that the western end of the state has to incur
greater costs to transport wheat to be marketed and shipped to the eastern end of the state or to
export markets.
Looking at the charts with five-year averages, minimums, and maximums gives the general idea of what
time of the year basis widens or grows narrower (note the graphs do not contain the same scale
numbers for each location). Use of these trends will help producers that use basis, hedge-to-arrive, or
other cash forward grain pricing contracts to determine what they could be receiving for their crop and
the historical competitiveness of the basis bid. Again, these are historical numbers and only reflect past
events; therefore, it is critical to remember that different yearly conditions can significantly change basis
values.
3
Table 1. Nearby KBOT Wheat Futures, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
4.05
4.11
4.17
4.18
4.14
4.20
4.22
4.19
4.08
4.09
4.23
4.29
4.05
4.36
4.82
4.68
4.50
4.34
4.19
4.07
3.83
3.77
3.56
3.45
3.34
3.34
3.44
3.67
3.76
3.66
3.79
3.82
3.94
3.84
3.80
3.79
3.64
3.80
3.77
3.78
3.68
3.57
3.52
3.56
3.64
3.60
3.43
3.46
1998
3.31
3.44
3.44
3.50
3.51
3.46
3.39
3.39
3.48
3.59
3.45
3.33
3.33
3.19
3.24
3.17
3.32
3.24
3.23
3.11
3.07
2.98
3.04
3.11
3.01
3.03
2.92
2.88
2.74
2.77
2.79
2.69
2.82
2.86
2.92
3.11
3.02
3.27
3.23
3.28
3.19
3.27
3.26
3.14
3.20
3.14
3.15
3.18
1999
3.21
3.15
3.06
3.09
3.05
2.98
2.89
2.71
2.93
3.06
3.03
3.10
3.04
2.95
2.92
2.83
2.82
2.92
2.81
2.77
2.89
2.93
2.81
2.80
2.83
2.70
2.67
2.75
2.96
2.87
2.96
2.88
3.06
3.05
2.98
2.94
2.79
2.76
2.78
2.77
2.82
2.73
2.67
2.76
2.68
2.68
2.77
2.76
2000
2.75
2.90
2.93
2.91
2.81
3.01
2.93
2.86
2.86
2.93
2.96
2.80
2.80
2.81
2.80
2.71
3.00
3.04
2.95
3.07
2.98
2.99
2.96
3.12
2.96
2.95
2.83
2.82
2.77
2.73
2.78
2.82
3.04
3.02
2.94
3.11
3.16
3.27
3.09
3.05
3.13
3.10
3.07
3.09
3.19
3.14
3.25
3.23
2001
3.32
3.38
3.32
3.28
3.17
3.12
3.12
3.08
3.23
3.26
3.20
3.04
3.09
3.13
3.18
3.29
3.30
3.27
3.35
3.17
3.17
3.13
3.06
2.90
3.07
3.21
3.17
3.12
3.01
3.01
2.96
3.01
3.04
3.03
2.93
2.95
2.87
2.89
2.91
2.96
2.96
2.92
2.84
2.80
2.88
2.83
2.84
2.85
2002
2.89
2.90
2.96
2.92
2.86
2.85
2.86
2.77
2.88
2.85
2.84
2.90
2.97
2.80
2.90
2.75
2.81
2.84
2.84
2.84
3.03
3.14
3.12
3.25
3.33
3.48
3.60
3.66
3.74
3.77
3.91
3.81
4.45
4.63
4.59
4.65
4.68
4.63
4.79
4.65
4.51
4.39
4.19
4.30
3.88
3.87
3.89
3.75
2003
3.63
3.64
3.46
3.45
3.59
3.56
3.58
3.39
3.43
3.31
3.25
3.21
3.18
3.21
3.20
3.25
2.97
3.16
3.51
3.33
3.19
3.32
3.12
3.02
3.07
3.05
3.21
3.33
3.53
3.74
3.66
3.57
3.66
3.52
3.41
3.59
3.61
3.34
3.38
3.66
3.71
3.93
3.69
3.94
4.08
3.89
3.97
3.71
2004
3.85
3.98
3.97
3.97
3.84
3.88
3.82
3.93
3.75
3.61
3.98
4.09
4.10
4.19
3.94
3.91
4.21
3.93
3.70
3.69
3.67
3.50
3.76
3.66
3.62
3.69
3.64
3.55
3.43
3.17
3.24
3.27
3.42
3.39
3.63
3.55
3.33
3.44
3.37
3.50
3.45
3.51
3.57
3.45
3.25
3.41
3.35
3.43
2005
3.43
3.43
3.35
3.23
3.24
3.33
3.29
3.45
3.48
3.58
3.66
3.49
3.25
3.22
3.28
3.39
3.16
3.14
3.18
3.40
3.28
3.17
3.26
3.35
3.45
3.49
3.35
3.42
3.38
3.43
3.45
3.50
3.49
3.48
3.66
3.69
3.82
3.88
3.73
3.78
3.63
3.70
3.54
3.48
3.74
3.62
3.67
3.76
2006
3.86
3.83
3.83
3.96
4.03
4.34
4.26
4.34
4.40
4.44
4.14
4.09
4.31
4.57
4.45
4.22
4.39
4.72
5.06
4.99
4.84
4.84
4.64
4.88
5.19
4.94
5.03
4.86
4.85
4.69
4.47
4.62
4.84
4.59
4.84
4.96
5.05
5.33
5.30
5.30
5.24
5.15
5.12
5.21
5.14
5.10
5.08
5.12
2007
4.81
4.81
4.95
4.94
4.88
4.84
4.86
5.12
5.05
5.02
4.80
4.87
4.69
4.85
5.10
5.04
4.73
4.72
4.79
4.92
5.13
6.00
5.88
6.00
6.04
6.21
6.07
6.42
6.35
6.60
6.51
6.97
7.89
8.25
8.34
9.19
9.10
8.86
8.39
8.25
8.05
7.89
7.87
8.63
9.19
9.83
9.76
9.44
2008
9.66
8.94
9.81
9.61
11.10
10.94
10.85
12.26
11.83
12.92
10.32
10.55
9.96
9.74
9.74
8.63
8.65
8.68
8.21
7.97
8.14
8.92
9.30
9.55
9.12
8.48
8.38
8.16
8.47
8.98
9.28
8.25
8.00
7.64
7.34
7.65
6.68
6.38
5.88
5.63
5.63
5.78
5.48
5.58
5.13
5.34
5.90
6.16
2009
6.33
6.33
5.94
6.03
5.90
5.75
5.50
5.54
5.60
5.74
6.06
5.60
5.66
5.70
5.70
5.80
6.14
6.32
6.47
6.80
6.90
6.45
6.19
5.92
5.64
5.52
5.60
5.62
5.34
5.09
4.99
5.09
4.99
4.74
4.74
4.84
4.70
4.90
5.18
5.31
5.18
5.35
5.61
5.47
5.62
5.27
5.15
5.29
2010
5.50
5.27
5.04
4.95
4.89
5.01
4.94
4.97
5.08
4.90
4.95
4.77
4.70
4.86
4.97
5.04
5.20
4.97
4.93
4.93
4.72
4.63
4.96
4.94
5.10
5.62
6.06
6.29
7.80
7.25
7.05
6.91
7.32
7.60
7.51
6.97
2011
5-yr avg
5.62
5.47
5.58
5.55
5.83
5.84
5.75
6.14
6.07
6.34
5.80
5.72
5.57
5.62
5.65
5.42
5.41
5.52
5.54
5.62
5.66
5.88
5.85
5.94
5.89
5.73
5.69
5.69
5.68
5.76
5.74
5.69
5.84
5.74
5.78
6.07
5.87
5.87
5.70
5.65
5.55
5.57
5.52
5.67
5.76
5.83
5.91
5.95
5-yr min
3.43
3.43
3.35
3.23
3.24
3.33
3.29
3.45
3.48
3.58
3.66
3.49
3.25
3.22
3.28
3.39
3.16
3.14
3.18
3.40
3.28
3.17
3.26
3.35
3.45
3.49
3.35
3.42
3.38
3.43
3.45
3.50
3.49
3.48
3.66
3.69
3.82
3.88
3.73
3.78
3.63
3.70
3.54
3.48
3.74
3.62
3.67
3.76
5-yr max
9.66
8.94
9.81
9.61
11.10
10.94
10.85
12.26
11.83
12.92
10.32
10.55
9.96
9.74
9.74
8.63
8.65
8.68
8.21
7.97
8.14
8.92
9.30
9.55
9.12
8.48
8.38
8.16
8.47
8.98
9.28
8.25
8.00
8.25
8.34
9.19
9.1
8.86
8.39
8.25
8.05
7.89
7.87
8.63
9.19
9.83
9.76
9.44
4
Figure 1.Nearby KBOT Wheat Futures, 2005-2010
14.00
12.00
5-yr avg
5-yr min
5-yr max
2010
10.00
Basis ($/bu)
8.00
6.00
4.00
2.00
0.00
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
5
Table 2. Beatrice, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
3.99
4.03
4.03
4.02
4.04
4.06
3.96
4.03
4.00
4.09
4.14
3.86
4.17
4.54
4.29
4.24
4.18
4.03
3.92
3.80
3.59
3.39
3.13
2.95
3.00
3.15
3.37
3.46
3.36
3.47
3.54
3.48
3.41
3.39
3.25
3.31
3.38
3.36
3.31
3.21
3.18
3.30
3.16
3.13
1998
3.05
3.19
3.24
3.30
3.31
3.27
3.19
3.19
3.22
3.32
3.19
3.12
3.15
3.04
3.10
3.05
3.01
3.09
2.97
2.85
2.81
2.75
2.79
2.58
2.52
2.49
2.34
2.33
2.32
2.20
2.17
2.22
2.29
2.41
2.37
2.70
2.74
2.74
2.84
2.90
2.74
2.77
2.78
1999
2.83
2.76
2.72
2.73
2.68
2.61
2.48
2.33
2.43
2.58
2.54
2.61
2.56
2.50
2.47
2.35
2.39
2.31
2.30
2.47
2.55
2.43
2.40
2.33
2.21
2.18
2.25
2.37
2.36
2.30
2.33
2.33
2.31
2.25
2.25
2.10
2.08
2.10
2.20
2.21
2.17
2.20
2.18
2.16
2.27
2.26
2000
2.28
2.37
2.38
2.36
2.28
2.46
2.44
2.39
2.26
2.33
2.36
2.26
2.28
2.34
2.32
2.24
2.42
2.45
2.41
2.49
2.40
2.47
2.44
2.69
2.54
2.62
2.53
2.52
2.47
2.44
2.52
2.65
2.66
2.68
2.61
2.81
2.85
2.98
2.83
2.86
2.96
2.92
2.90
3.00
3.01
2.95
3.07
3.08
2001
3.16
3.22
3.16
3.14
3.00
2.96
2.96
2.94
3.00
3.03
3.01
2.90
2.94
2.98
3.03
3.10
3.01
2.98
3.07
2.93
2.91
2.86
2.79
2.63
2.72
2.88
2.85
2.84
2.76
2.77
2.71
2.78
2.72
2.64
2.67
2.59
2.62
2.70
2.78
2.79
2.75
2.67
2.69
2.72
2.70
2.72
2.73
2002
2.77
2.81
2.88
2.80
2.76
2.75
2.76
2.70
2.74
2.71
2.70
2.76
2.83
2.70
2.80
2.65
2.65
2.68
2.68
2.71
2.89
3.01
3.00
3.15
3.22
3.37
3.49
3.55
3.63
3.69
3.83
3.88
4.39
4.60
4.56
4.62
4.68
4.63
4.78
4.64
4.56
4.41
4.21
4.32
4.00
3.95
3.97
3.83
2003
3.71
3.74
3.58
3.56
3.61
3.61
3.64
3.49
3.49
3.37
3.31
3.27
3.24
3.27
3.26
3.29
3.10
3.29
3.41
3.22
3.00
3.13
2.83
2.77
2.70
2.85
2.97
3.18
3.40
3.35
3.27
3.26
3.15
3.08
3.26
3.32
3.05
3.09
3.42
3.46
3.68
3.46
3.62
3.80
3.62
3.71
3.49
2004
3.82
3.76
3.72
3.74
3.57
3.61
3.55
3.73
3.49
3.34
3.77
3.83
3.88
3.63
3.60
3.83
3.58
3.55
3.53
3.55
3.43
3.45
3.37
3.29
3.39
3.37
3.24
3.18
2.92
2.99
3.01
3.05
3.02
3.26
3.09
2.96
3.07
3.00
3.13
3.13
3.19
3.25
3.13
3.02
3.23
3.20
3.26
2005
3.28
3.28
3.20
3.08
3.14
3.22
3.16
3.28
3.29
3.28
3.36
3.16
2.92
2.88
2.93
3.01
2.86
2.84
2.88
3.10
2.98
2.87
2.96
3.07
3.14
3.18
3.04
3.12
3.08
3.12
3.16
3.28
3.22
3.21
3.38
3.41
3.54
3.60
3.45
3.50
3.35
3.42
3.26
3.25
3.55
3.40
3.45
3.54
2006
3.64
3.61
3.61
3.74
3.81
4.07
3.99
4.03
4.03
4.12
3.88
3.84
4.08
4.34
4.22
3.99
4.09
4.47
4.86
4.79
4.64
4.58
4.34
4.64
4.89
4.64
4.74
4.57
4.56
4.40
4.18
4.34
4.51
4.26
4.51
4.63
4.72
5.00
4.97
4.97
4.91
4.85
4.82
4.91
4.70
4.66
4.64
4.68
2007
4.37
4.42
4.61
4.60
4.54
4.50
4.57
4.86
4.74
4.75
4.53
4.60
4.49
4.65
4.94
4.88
4.68
4.57
4.64
4.68
4.83
5.65
5.53
5.67
5.63
5.74
5.67
5.98
5.91
6.14
6.05
6.51
7.30
7.63
7.72
8.58
8.48
8.24
7.87
7.75
7.56
7.43
7.44
8.24
8.75
9.38
9.31
8.99
2008
9.21
8.49
9.37
9.19
10.21
10.49
10.40
11.71
11.28
12.37
9.77
10.00
9.41
9.25
9.24
8.29
8.29
8.48
7.92
7.72
7.90
8.67
8.75
9.00
8.37
7.71
7.56
7.33
7.70
8.30
8.62
7.59
7.34
6.79
6.49
6.80
5.84
5.53
5.08
4.95
4.95
5.13
4.88
4.99
4.38
4.59
5.16
5.44
2009
5.67
5.66
5.37
5.48
5.36
5.21
5.04
5.00
5.17
5.33
5.68
5.22
5.57
5.41
5.40
5.46
5.72
6.02
6.10
6.44
6.53
6.08
5.82
5.42
5.03
4.97
5.05
5.01
4.72
4.44
4.34
4.44
4.18
3.93
3.93
4.03
3.90
4.20
4.48
4.61
4.48
4.65
4.91
4.77
4.79
4.44
4.32
4.53
2010
4.80
4.47
4.24
4.15
4.14
4.26
4.19
4.22
4.23
4.05
4.10
3.97
3.90
4.11
4.22
4.27
4.30
3.97
3.88
3.88
3.67
3.53
3.76
3.74
3.78
4.34
4.78
4.89
6.35
5.80
5.70
5.75
6.12
6.45
6.41
6.13
2011
5-yr avg
5.23
5.09
5.23
5.22
5.41
5.50
5.43
5.78
5.70
5.97
5.44
5.36
5.29
5.31
5.35
5.13
5.13
5.28
5.28
5.35
5.38
5.57
5.48
5.56
5.41
5.25
5.21
5.20
5.19
5.28
5.27
5.23
5.31
5.16
5.21
5.49
5.30
5.31
5.17
5.16
5.05
5.10
5.06
5.23
5.23
5.29
5.38
5.44
5-yr min
3.28
3.28
3.20
3.08
3.14
3.22
3.16
3.28
3.29
3.28
3.36
3.16
2.92
2.88
2.93
3.01
2.86
2.84
2.88
3.10
2.98
2.87
2.96
3.07
3.14
3.18
3.04
3.12
3.08
3.12
3.16
3.28
3.22
3.21
3.38
3.41
3.54
3.60
3.45
3.50
3.35
3.42
3.26
3.25
3.55
3.40
3.45
3.54
5-yr max
9.21
8.49
9.37
9.19
10.21
10.49
10.40
11.71
11.28
12.37
9.77
10.00
9.41
9.25
9.24
8.29
8.29
8.48
7.92
7.72
7.90
8.67
8.75
9.00
8.37
7.71
7.56
7.33
7.70
8.30
8.62
7.59
7.34
7.63
7.72
8.58
8.48
8.24
7.87
7.75
7.56
7.43
7.44
8.24
8.75
9.38
9.31
8.99
6
Table 3.Beatrice, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
-0.06
-0.08
-0.14
-0.12
-0.16
-0.16
-0.23
-0.05
-0.09
-0.14
-0.15
-0.19
-0.19
-0.28
-0.39
-0.26
-0.16
-0.16
-0.15
-0.03
-0.18
-0.17
-0.32
-0.39
-0.34
-0.29
-0.30
-0.30
-0.30
-0.32
-0.40
-0.36
-0.39
-0.40
-0.39
-0.49
-0.39
-0.42
-0.37
-0.36
-0.34
-0.34
-0.44
-0.30
1998
-0.39
-0.25
-0.26
-0.21
-0.15
-0.12
-0.20
-0.29
-0.37
-0.13
-0.14
-0.21
-0.04
-0.20
-0.07
-0.27
-0.23
-0.14
-0.14
-0.22
-0.17
-0.36
-0.22
-0.34
-0.36
-0.25
-0.43
-0.46
-0.37
-0.62
-0.69
-0.70
-0.82
-0.61
-0.90
-0.58
-0.45
-0.53
-0.42
-0.30
-0.40
-0.38
-0.40
1999
-0.38
-0.39
-0.34
-0.36
-0.37
-0.37
-0.41
-0.38
-0.50
-0.48
-0.49
-0.49
-0.48
-0.45
-0.45
-0.48
-0.53
-0.50
-0.47
-0.42
-0.38
-0.38
-0.40
-0.50
-0.49
-0.49
-0.51
-0.59
-0.60
-0.58
-0.73
-0.72
-0.67
-0.69
-0.54
-0.66
-0.70
-0.67
-0.62
-0.52
-0.50
-0.56
-0.50
-0.52
-0.50
-0.50
2000
-0.47
-0.53
-0.55
-0.55
-0.53
-0.55
-0.49
-0.47
-0.60
-0.60
-0.60
-0.54
-0.52
-0.47
-0.48
-0.47
-0.58
-0.59
-0.54
-0.58
-0.58
-0.52
-0.52
-0.43
-0.42
-0.33
-0.30
-0.30
-0.30
-0.29
-0.26
-0.18
-0.38
-0.34
-0.33
-0.30
-0.31
-0.29
-0.26
-0.19
-0.17
-0.18
-0.17
-0.09
-0.18
-0.19
-0.18
-0.15
2001
-0.16
-0.16
-0.16
-0.14
-0.17
-0.16
-0.16
-0.14
-0.23
-0.23
-0.19
-0.14
-0.15
-0.15
-0.15
-0.19
-0.29
-0.29
-0.28
-0.25
-0.26
-0.27
-0.27
-0.27
-0.35
-0.33
-0.32
-0.28
-0.25
-0.24
-0.25
-0.24
-0.32
-0.29
-0.28
-0.28
-0.27
-0.21
-0.18
-0.17
-0.17
-0.17
-0.11
-0.16
-0.13
-0.12
-0.12
2002
-0.12
-0.09
-0.08
-0.12
-0.10
-0.10
-0.10
-0.07
-0.14
-0.14
-0.14
-0.14
-0.14
-0.10
-0.10
-0.10
-0.16
-0.16
-0.16
-0.13
-0.14
-0.13
-0.12
-0.10
-0.11
-0.11
-0.11
-0.11
-0.11
-0.08
-0.08
0.06
-0.06
-0.03
-0.03
-0.03
0.00
0.00
-0.01
-0.02
0.05
0.02
0.02
0.02
0.12
0.08
0.08
0.08
2003
0.08
0.10
0.12
0.11
0.02
0.05
0.06
0.10
0.06
0.06
0.06
0.06
0.06
0.06
0.06
0.04
0.13
0.13
-0.10
-0.11
-0.19
-0.19
-0.19
-0.30
-0.35
-0.36
-0.36
-0.35
-0.34
-0.31
-0.30
-0.40
-0.37
-0.33
-0.33
-0.29
-0.29
-0.29
-0.24
-0.25
-0.25
-0.23
-0.32
-0.28
-0.27
-0.26
-0.22
2004
-0.03
-0.22
-0.25
-0.23
-0.27
-0.27
-0.27
-0.20
-0.26
-0.27
-0.32
-0.27
-0.31
-0.31
-0.31
-0.38
-0.35
-0.15
-0.16
-0.12
-0.07
-0.31
-0.29
-0.33
-0.30
-0.27
-0.31
-0.25
-0.25
-0.25
-0.26
-0.37
-0.37
-0.37
-0.46
-0.37
-0.37
-0.37
-0.37
-0.32
-0.32
-0.32
-0.32
-0.23
-0.18
-0.15
-0.17
2005
-0.15
-0.15
-0.15
-0.15
-0.10
-0.11
-0.13
-0.17
-0.19
-0.30
-0.30
-0.33
-0.33
-0.34
-0.35
-0.38
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.28
-0.31
-0.31
-0.31
-0.30
-0.30
-0.31
-0.29
-0.22
-0.27
-0.27
-0.28
-0.28
-0.28
-0.28
-0.28
-0.28
-0.28
-0.28
-0.28
-0.23
-0.19
-0.22
-0.22
-0.22
2006
-0.22
-0.22
-0.22
-0.22
-0.22
-0.27
-0.27
-0.31
-0.37
-0.32
-0.26
-0.25
-0.23
-0.23
-0.23
-0.23
-0.30
-0.25
-0.20
-0.20
-0.20
-0.26
-0.30
-0.24
-0.30
-0.30
-0.29
-0.29
-0.29
-0.29
-0.29
-0.28
-0.33
-0.33
-0.33
-0.33
-0.33
-0.33
-0.33
-0.33
-0.33
-0.30
-0.30
-0.30
-0.44
-0.44
-0.44
-0.44
2007
-0.44
-0.39
-0.34
-0.34
-0.34
-0.34
-0.29
-0.26
-0.31
-0.27
-0.27
-0.27
-0.20
-0.20
-0.16
-0.16
-0.05
-0.15
-0.15
-0.24
-0.30
-0.35
-0.35
-0.33
-0.41
-0.47
-0.40
-0.44
-0.44
-0.46
-0.46
-0.46
-0.59
-0.62
-0.62
-0.61
-0.62
-0.62
-0.52
-0.50
-0.49
-0.46
-0.43
-0.39
-0.44
-0.45
-0.45
-0.45
2008
-0.45
-0.45
-0.44
-0.42
-0.89
-0.45
-0.45
-0.55
-0.55
-0.55
-0.55
-0.55
-0.55
-0.49
-0.50
-0.34
-0.36
-0.20
-0.29
-0.25
-0.24
-0.25
-0.55
-0.55
-0.75
-0.77
-0.82
-0.82
-0.77
-0.68
-0.66
-0.66
-0.66
-0.85
-0.85
-0.85
-0.84
-0.85
-0.80
-0.69
-0.68
-0.65
-0.60
-0.59
-0.75
-0.75
-0.74
-0.72
2009
-0.66
-0.67
-0.57
-0.56
-0.54
-0.54
-0.46
-0.54
-0.43
-0.41
-0.38
-0.38
-0.09
-0.29
-0.30
-0.34
-0.42
-0.30
-0.37
-0.36
-0.37
-0.37
-0.37
-0.50
-0.61
-0.55
-0.55
-0.61
-0.62
-0.65
-0.65
-0.65
-0.81
-0.81
-0.81
-0.81
-0.80
-0.70
-0.70
-0.70
-0.70
-0.70
-0.70
-0.70
-0.83
-0.83
-0.83
-0.76
2010
-0.70
-0.80
-0.80
-0.80
-0.75
-0.75
-0.75
-0.75
-0.85
-0.85
-0.85
-0.80
-0.80
-0.75
-0.75
-0.78
-0.90
-1.00
-1.05
-1.05
-1.05
-1.10
-1.20
-1.20
-1.32
-1.28
-1.28
-1.40
-1.45
-1.45
-1.35
-1.16
-1.20
-1.15
-1.10
-0.85
2011
5-yr avg
-0.38
-0.38
-0.34
-0.34
-0.42
-0.34
-0.32
-0.37
-0.37
-0.37
-0.35
-0.36
-0.28
-0.31
-0.31
-0.29
-0.29
-0.24
-0.26
-0.27
-0.28
-0.31
-0.37
-0.38
-0.48
-0.48
-0.47
-0.49
-0.48
-0.48
-0.47
-0.45
-0.53
-0.58
-0.58
-0.58
-0.57
-0.56
-0.53
-0.50
-0.50
-0.48
-0.46
-0.44
-0.53
-0.54
-0.54
-0.52
5-yr min
-0.66
-0.67
-0.57
-0.56
-0.89
-0.54
-0.46
-0.55
-0.55
-0.55
-0.55
-0.55
-0.55
-0.49
-0.50
-0.38
-0.42
-0.30
-0.37
-0.36
-0.37
-0.37
-0.55
-0.55
-0.75
-0.77
-0.82
-0.82
-0.77
-0.68
-0.66
-0.66
-0.81
-0.85
-0.85
-0.85
-0.84
-0.85
-0.80
-0.70
-0.70
-0.70
-0.70
-0.70
-0.83
-0.83
-0.83
-0.76
5-yr max
-0.15
-0.15
-0.15
-0.15
-0.10
-0.11
-0.13
-0.17
-0.19
-0.27
-0.26
-0.25
-0.09
-0.20
-0.16
-0.16
-0.05
-0.15
-0.15
-0.20
-0.20
-0.25
-0.30
-0.24
-0.30
-0.30
-0.29
-0.29
-0.29
-0.29
-0.29
-0.22
-0.27
-0.27
-0.28
-0.28
-0.28
-0.28
-0.28
-0.28
-0.28
-0.28
-0.28
-0.23
-0.19
-0.22
-0.22
-0.22
7
Figure 2. Beatrice, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.00
-0.20
-0.40
Basis ($/bu)
-0.60
-0.80
-1.00
-1.20
-1.40
5-yr avg
5-yr min
5-yr max
2010
-1.60
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
8
Table 4.Brule, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
3.94
3.95
3.96
3.98
3.94
4.00
3.86
3.97
3.98
4.09
4.13
3.81
4.13
4.45
4.20
4.13
3.98
3.92
3.81
3.66
3.43
3.15
2.93
2.90
3.11
3.32
3.39
3.30
3.45
3.46
3.39
3.31
3.25
3.11
3.27
3.24
3.21
3.31
3.27
3.26
3.17
3.00
1998
2.90
3.05
3.23
3.17
3.11
3.15
3.26
3.17
3.08
3.11
2.99
2.99
2.99
3.11
2.97
2.93
2.73
2.70
2.75
2.47
2.38
2.34
2.22
2.19
2.19
2.07
2.08
2.07
2.12
2.31
2.22
2.56
2.59
2.59
2.67
2.69
2.58
2.52
2.58
1999
2.71
2.65
2.60
2.59
2.55
2.48
2.32
2.19
2.33
2.51
2.48
2.55
2.49
2.41
2.37
2.25
2.34
2.23
2.19
2.30
2.41
2.26
2.25
2.25
2.03
1.92
2.01
2.17
2.03
2.16
2.11
2.10
2.08
2.04
1.89
1.96
2.00
1.99
2.04
1.95
1.97
1.93
1.90
1.95
2000
2.06
2.18
2.21
2.17
2.08
2.27
2.19
2.13
2.04
2.11
2.16
2.01
2.02
2.03
2.04
1.96
2.13
2.20
2.16
2.24
2.18
2.24
2.21
2.51
2.36
2.40
2.33
2.32
2.25
2.21
2.26
2.41
2.44
2.44
2.38
2.55
2.60
2.76
2.60
2.63
2.71
2.70
2.72
2.80
2.78
2.74
2.85
2.83
2001
2.94
3.00
2.94
2.90
2.79
2.74
2.72
2.70
2.75
2.82
2.76
2.65
2.69
2.73
2.78
2.92
2.84
2.82
2.90
2.76
2.76
2.75
2.67
2.56
2.64
2.79
2.75
2.70
2.58
2.59
2.55
2.64
2.56
2.59
2.53
2.60
2.55
2.60
2.66
2.71
2.71
2.67
2.62
2.70
2.70
2.65
2.66
2.67
2002
2.71
2.74
2.80
2.71
2.65
2.65
2.69
2.61
2.65
2.62
2.61
2.67
2.74
2.59
2.69
2.54
2.50
2.54
2.53
2.58
2.80
2.91
2.93
3.07
3.17
3.30
3.40
3.46
3.54
3.57
3.73
3.76
4.24
4.44
4.40
4.46
4.49
4.44
4.60
4.46
4.38
4.19
4.00
4.11
3.79
3.78
3.80
3.66
2003
3.54
3.55
3.38
3.37
3.48
3.45
3.49
3.30
3.38
3.26
3.20
3.16
3.13
3.21
3.18
3.13
3.02
3.17
3.42
3.22
3.06
3.12
2.83
2.67
2.66
2.56
2.66
2.78
2.94
3.16
3.08
3.03
3.00
2.86
2.80
3.04
3.06
2.79
2.85
3.19
3.24
3.48
3.24
3.41
3.58
3.39
3.47
3.27
2004
3.61
3.54
3.52
3.54
3.39
3.45
3.39
3.50
3.33
3.19
3.69
3.62
3.68
3.67
3.42
3.40
3.62
3.35
3.33
3.33
3.35
3.23
3.27
3.24
3.16
3.25
3.19
3.02
2.95
2.69
2.75
2.78
2.92
2.94
3.18
3.01
2.88
2.99
2.99
3.10
3.08
3.18
3.24
3.12
3.00
3.16
3.10
3.16
2005
3.18
3.19
3.11
3.00
3.01
3.05
3.00
3.21
3.14
3.19
3.20
3.03
2.85
2.85
2.94
3.02
2.91
2.91
2.95
3.15
3.03
2.92
3.01
2.97
3.05
3.08
2.94
3.02
3.01
3.03
3.05
3.10
3.07
3.07
3.24
3.28
3.39
3.45
3.30
3.35
3.20
3.28
3.12
3.10
3.41
3.29
3.34
3.47
2006
3.56
3.48
3.46
3.59
3.60
3.91
3.83
3.91
3.92
3.99
3.69
3.66
3.91
4.17
4.03
3.83
3.90
4.25
4.61
4.54
4.39
4.39
4.19
4.51
4.77
4.55
4.63
4.41
4.40
4.24
4.00
4.21
4.30
4.09
4.34
4.45
4.54
4.83
4.80
4.85
4.79
4.70
4.67
4.76
4.56
4.55
4.53
4.57
2007
4.26
4.26
4.40
4.39
4.35
4.31
4.33
4.64
4.50
4.47
4.33
4.45
4.37
4.52
4.80
4.74
4.53
4.42
4.51
4.61
4.82
5.45
5.33
5.47
5.39
5.41
5.37
5.66
5.60
5.85
5.71
6.16
6.94
7.25
7.34
8.12
8.06
7.91
7.46
7.35
7.21
7.14
7.10
7.88
8.35
8.98
9.01
8.69
2008
8.90
8.19
9.06
8.86
10.35
10.19
10.09
11.41
10.97
12.06
9.47
9.70
9.11
8.89
8.88
7.78
7.57
7.83
7.36
7.12
7.29
8.07
8.45
8.69
8.22
7.58
7.48
7.25
7.56
8.08
8.38
7.35
7.07
6.52
6.22
6.50
5.53
5.23
4.88
4.63
4.63
4.78
4.78
4.88
4.25
4.46
5.02
5.23
2009
5.45
5.45
5.06
5.23
5.10
4.95
4.78
4.79
4.85
5.01
5.31
4.85
5.16
4.95
4.95
5.06
5.33
5.63
5.67
6.01
6.10
5.65
5.39
5.12
4.72
4.60
4.68
4.56
4.34
4.08
3.99
4.09
3.83
3.58
3.58
3.68
3.54
3.74
4.02
4.15
4.02
4.19
4.45
4.37
4.33
3.98
3.87
2010
4.31
3.98
3.75
3.66
3.60
3.72
3.65
3.77
3.78
3.70
3.75
3.57
3.50
3.66
3.77
3.86
3.95
3.72
3.68
3.63
3.42
3.23
3.51
3.49
3.55
4.07
4.51
4.54
5.92
5.35
5.15
5.21
5.48
5.76
5.66
5.39
2011
5-yr avg
5.07
4.91
5.02
5.01
5.28
5.28
5.21
5.59
5.48
5.74
5.20
5.14
5.08
5.08
5.12
4.89
4.85
5.01
5.02
5.09
5.13
5.30
5.27
5.35
5.23
5.04
5.02
4.98
4.98
5.06
5.03
4.98
5.04
4.90
4.94
5.21
5.01
5.03
4.89
4.87
4.77
4.82
4.82
5.00
4.98
5.05
5.15
5.49
5-yr min
3.18
3.19
3.11
3.00
3.01
3.05
3.00
3.21
3.14
3.19
3.20
3.03
2.85
2.85
2.94
3.02
2.91
2.91
2.95
3.15
3.03
2.92
3.01
2.97
3.05
3.08
2.94
3.02
3.01
3.03
3.05
3.10
3.07
3.07
3.24
3.28
3.39
3.45
3.30
3.35
3.20
3.28
3.12
3.10
3.41
3.29
3.34
3.47
5-yr max
8.90
8.19
9.06
8.86
10.35
10.19
10.09
11.41
10.97
12.06
9.47
9.70
9.11
8.89
8.88
7.78
7.57
7.83
7.36
7.12
7.29
8.07
8.45
8.69
8.22
7.58
7.48
7.25
7.56
8.08
8.38
7.35
7.07
7.25
7.34
8.12
8.06
7.91
7.46
7.35
7.21
7.14
7.10
7.88
8.35
8.98
9.01
8.69
9
Table 5.Brule, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
-0.11
-0.16
-0.21
-0.16
-0.26
-0.22
-0.33
-0.11
-0.11
-0.14
-0.16
-0.24
-0.23
-0.37
-0.30
-0.21
-0.21
-0.15
-0.02
-0.11
-0.13
-0.30
-0.41
-0.44
-0.33
-0.36
-0.37
-0.36
-0.34
-0.48
-0.45
-0.49
-0.54
-0.53
-0.53
-0.53
-0.57
-0.37
-0.30
-0.38
-0.43
-0.43
1998
-0.54
-0.39
-0.23
-0.22
-0.37
-0.44
-0.19
-0.16
-0.25
-0.08
-0.25
-0.18
-0.33
-0.13
-0.26
-0.18
-0.25
-0.41
-0.26
-0.45
-0.50
-0.40
-0.55
-0.60
-0.50
-0.75
-0.78
-0.85
-0.99
-0.71
-1.05
-0.72
-0.60
-0.68
-0.59
-0.51
-0.56
-0.63
-0.60
1999
-0.50
-0.50
-0.46
-0.50
-0.50
-0.50
-0.57
-0.52
-0.60
-0.55
-0.55
-0.55
-0.55
-0.54
-0.55
-0.59
-0.58
-0.58
-0.58
-0.59
-0.52
-0.55
-0.55
-0.58
-0.67
-0.75
-0.74
-0.79
-0.84
-0.80
-0.95
-0.95
-0.90
-0.90
-0.90
-0.80
-0.78
-0.78
-0.78
-0.78
-0.70
-0.83
-0.78
-0.73
2000
-0.69
-0.72
-0.72
-0.74
-0.73
-0.74
-0.74
-0.73
-0.82
-0.82
-0.80
-0.79
-0.78
-0.78
-0.76
-0.75
-0.87
-0.84
-0.79
-0.83
-0.80
-0.75
-0.75
-0.61
-0.60
-0.55
-0.50
-0.50
-0.52
-0.52
-0.52
-0.42
-0.60
-0.58
-0.56
-0.56
-0.56
-0.51
-0.49
-0.42
-0.42
-0.40
-0.35
-0.29
-0.41
-0.40
-0.40
-0.40
2001
-0.38
-0.38
-0.38
-0.38
-0.38
-0.38
-0.40
-0.38
-0.48
-0.44
-0.44
-0.40
-0.40
-0.40
-0.40
-0.37
-0.46
-0.45
-0.45
-0.41
-0.41
-0.38
-0.39
-0.34
-0.43
-0.42
-0.42
-0.42
-0.43
-0.42
-0.41
-0.38
-0.48
-0.44
-0.40
-0.35
-0.32
-0.29
-0.25
-0.25
-0.25
-0.25
-0.22
-0.10
-0.18
-0.18
-0.18
-0.18
2002
-0.18
-0.16
-0.16
-0.21
-0.21
-0.20
-0.17
-0.16
-0.23
-0.23
-0.23
-0.23
-0.23
-0.21
-0.21
-0.21
-0.31
-0.30
-0.31
-0.27
-0.23
-0.23
-0.19
-0.18
-0.16
-0.18
-0.20
-0.20
-0.20
-0.20
-0.18
-0.06
-0.21
-0.19
-0.19
-0.19
-0.19
-0.19
-0.19
-0.20
-0.13
-0.20
-0.19
-0.19
-0.09
-0.09
-0.09
-0.09
2003
-0.09
-0.09
-0.08
-0.09
-0.11
-0.11
-0.09
-0.09
-0.05
-0.05
-0.05
-0.05
-0.05
0.00
-0.02
-0.12
0.05
0.01
-0.09
-0.11
-0.13
-0.20
-0.29
-0.35
-0.41
-0.49
-0.55
-0.55
-0.59
-0.58
-0.58
-0.54
-0.66
-0.66
-0.61
-0.55
-0.55
-0.55
-0.53
-0.47
-0.47
-0.45
-0.45
-0.53
-0.50
-0.50
-0.50
-0.44
2004
-0.24
-0.44
-0.45
-0.43
-0.45
-0.43
-0.43
-0.43
-0.42
-0.42
-0.29
-0.47
-0.42
-0.52
-0.52
-0.51
-0.59
-0.58
-0.37
-0.36
-0.32
-0.27
-0.49
-0.42
-0.46
-0.44
-0.45
-0.53
-0.48
-0.48
-0.49
-0.49
-0.50
-0.45
-0.45
-0.54
-0.45
-0.45
-0.38
-0.40
-0.37
-0.33
-0.33
-0.33
-0.25
-0.25
-0.25
-0.27
2005
-0.25
-0.24
-0.24
-0.23
-0.23
-0.28
-0.29
-0.24
-0.34
-0.39
-0.46
-0.46
-0.40
-0.37
-0.34
-0.37
-0.25
-0.23
-0.23
-0.25
-0.25
-0.25
-0.25
-0.38
-0.40
-0.41
-0.41
-0.40
-0.37
-0.40
-0.40
-0.40
-0.42
-0.41
-0.42
-0.41
-0.43
-0.43
-0.43
-0.43
-0.43
-0.42
-0.42
-0.38
-0.33
-0.33
-0.33
-0.29
2006
-0.30
-0.35
-0.37
-0.37
-0.43
-0.43
-0.43
-0.43
-0.48
-0.45
-0.45
-0.43
-0.40
-0.40
-0.42
-0.39
-0.49
-0.47
-0.45
-0.45
-0.45
-0.45
-0.45
-0.37
-0.42
-0.39
-0.40
-0.45
-0.44
-0.45
-0.47
-0.41
-0.54
-0.50
-0.50
-0.51
-0.51
-0.50
-0.50
-0.45
-0.45
-0.45
-0.45
-0.45
-0.58
-0.55
-0.55
-0.55
2007
-0.55
-0.55
-0.55
-0.55
-0.53
-0.53
-0.53
-0.48
-0.55
-0.55
-0.47
-0.42
-0.32
-0.33
-0.30
-0.30
-0.20
-0.30
-0.28
-0.31
-0.31
-0.55
-0.55
-0.53
-0.65
-0.80
-0.70
-0.76
-0.75
-0.75
-0.80
-0.81
-0.95
-1.00
-1.00
-1.07
-1.04
-0.95
-0.93
-0.90
-0.84
-0.75
-0.77
-0.75
-0.84
-0.85
-0.75
-0.75
2008
-0.76
-0.75
-0.75
-0.75
-0.75
-0.75
-0.76
-0.85
-0.86
-0.86
-0.85
-0.85
-0.85
-0.85
-0.86
-0.85
-1.08
-0.85
-0.85
-0.85
-0.85
-0.85
-0.85
-0.86
-0.90
-0.90
-0.90
-0.90
-0.91
-0.90
-0.90
-0.90
-0.93
-1.12
-1.12
-1.15
-1.15
-1.15
-1.00
-1.00
-1.00
-1.00
-0.70
-0.70
-0.88
-0.88
-0.88
-0.93
2009
-0.88
-0.88
-0.88
-0.80
-0.80
-0.80
-0.72
-0.75
-0.75
-0.73
-0.75
-0.75
-0.50
-0.75
-0.75
-0.75
-0.81
-0.69
-0.80
-0.79
-0.80
-0.80
-0.80
-0.80
-0.92
-0.92
-0.92
-1.06
-1.00
-1.01
-1.00
-1.00
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.10
-1.29
-1.29
-1.28
2010
-1.19
-1.29
-1.29
-1.29
-1.29
-1.29
-1.29
-1.20
-1.30
-1.20
-1.20
-1.20
-1.20
-1.20
-1.20
-1.18
-1.25
-1.25
-1.25
-1.30
-1.30
-1.40
-1.45
-1.45
-1.55
-1.55
-1.55
-1.75
-1.88
-1.90
-1.90
-1.70
-1.84
-1.84
-1.85
-1.59
2011
5-yr avg
-0.55
-0.55
-0.56
-0.54
-0.55
-0.56
-0.55
-0.55
-0.60
-0.60
-0.60
-0.58
-0.49
-0.54
-0.53
-0.53
-0.57
-0.51
-0.52
-0.53
-0.53
-0.58
-0.58
-0.59
-0.66
-0.68
-0.67
-0.71
-0.70
-0.70
-0.71
-0.70
-0.80
-0.84
-0.84
-0.86
-0.86
-0.84
-0.80
-0.79
-0.78
-0.76
-0.70
-0.68
-0.78
-0.78
-0.76
-0.63
5-yr min
-0.88
-0.88
-0.88
-0.80
-0.80
-0.80
-0.76
-0.85
-0.86
-0.86
-0.85
-0.85
-0.85
-0.85
-0.86
-0.85
-1.08
-0.85
-0.85
-0.85
-0.85
-0.85
-0.85
-0.86
-0.92
-0.92
-0.92
-1.06
-1.00
-1.01
-1.00
-1.00
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.10
-1.29
-1.29
-1.28
-0.93
5-yr max
-0.25
-0.24
-0.24
-0.23
-0.23
-0.28
-0.29
-0.24
-0.34
-0.39
-0.45
-0.42
-0.32
-0.33
-0.30
-0.30
-0.20
-0.23
-0.23
-0.25
-0.25
-0.25
-0.25
-0.37
-0.40
-0.39
-0.40
-0.40
-0.37
-0.40
-0.40
-0.40
-0.42
-0.41
-0.42
-0.41
-0.43
-0.43
-0.43
-0.43
-0.43
-0.42
-0.42
-0.38
-0.33
-0.33
-0.33
-0.29
10
Figure 3.Brule, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.00
-0.20
-0.40
-0.60
Basis ($/bu)
-0.80
-1.00
-1.20
-1.40
-1.60
-1.80
5-yr avg
5-yr min
5-yr max
2010
-2.00
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
11
Table 6. Dorchester, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
1998
1999
2000
2001
2002
2003
3.73
3.73
3.56
4.53
4.74
4.57
4.57
4.39
4.19
4.34
3.98
3.97
3.99
3.85
3.69
3.66
3.68
3.49
3.61
3.38
3.32
3.28
3.25
3.28
3.27
3.32
3.14
3.21
3.41
3.25
3.00
3.13
2.88
2.78
2.76
2.72
2.88
3.00
3.18
3.39
3.36
3.29
3.28
3.17
3.06
3.26
3.31
3.04
3.09
3.27
3.46
3.70
3.46
3.71
3.80
3.62
3.68
3.44
2004
3.82
3.72
3.70
3.72
3.57
3.61
3.55
3.66
3.49
3.35
3.73
3.80
3.86
3.89
3.64
3.62
3.86
3.60
3.55
3.53
3.55
3.43
3.43
3.37
3.40
3.47
3.43
3.38
3.23
2.97
3.04
3.07
3.08
3.09
3.29
3.21
2.99
3.10
3.03
3.20
3.19
3.25
3.32
3.20
3.05
3.26
3.20
3.27
2005
3.28
3.28
3.20
3.08
3.09
3.23
3.12
3.24
3.28
3.28
3.33
3.16
2.89
2.88
2.94
3.01
2.86
2.84
2.88
3.10
2.98
2.87
2.96
3.13
3.17
3.21
3.07
3.15
3.10
3.15
3.29
3.35
3.30
3.24
3.51
3.51
3.46
3.62
3.45
3.50
3.35
3.42
3.36
3.30
3.53
3.42
3.47
3.56
2006
3.66
3.63
3.63
3.76
3.83
4.09
4.01
4.03
4.03
4.18
3.88
3.82
4.08
4.34
4.22
3.99
4.09
4.54
4.86
4.79
4.53
4.53
4.34
4.50
4.75
4.62
4.71
4.54
4.53
4.39
4.18
4.35
4.54
4.29
4.54
4.66
4.75
5.03
5.00
5.00
4.94
4.85
4.82
4.91
4.76
4.66
4.64
4.68
2007
4.37
4.46
4.60
4.61
4.55
4.51
4.56
4.88
4.75
4.75
4.53
4.60
4.49
4.69
4.94
4.88
4.67
4.56
4.64
4.70
4.88
5.70
5.58
5.63
5.66
5.82
5.62
5.97
5.91
6.16
6.09
6.58
7.36
7.72
7.74
8.60
8.50
8.36
7.89
7.75
7.60
7.44
7.42
8.26
8.71
9.34
9.27
8.95
2008
9.17
8.49
9.37
9.17
10.67
10.54
10.45
11.81
11.38
12.37
9.77
10.00
9.41
9.45
9.44
8.34
8.12
8.38
7.92
7.82
8.05
8.82
8.75
9.00
8.37
7.69
7.59
7.39
7.80
8.38
8.68
7.65
7.37
6.82
6.50
6.80
5.90
5.60
5.08
5.05
5.04
5.13
4.93
5.08
4.44
4.64
5.21
5.56
2009
5.79
5.86
5.48
5.59
5.46
5.29
5.12
5.11
5.27
5.43
5.72
5.28
5.67
5.46
5.40
5.50
5.74
6.06
6.17
6.51
6.60
6.15
5.89
5.47
5.11
5.02
5.10
5.06
4.79
4.49
4.39
4.49
4.23
3.98
3.98
4.08
3.99
4.25
4.56
4.69
4.56
4.67
4.99
4.85
4.84
4.49
4.37
4.58
2010
4.82
4.49
4.26
4.17
4.11
4.26
4.19
4.22
4.25
4.07
4.17
3.99
4.09
4.13
4.24
4.27
4.25
3.97
3.88
3.88
3.67
3.56
3.79
3.72
3.83
4.41
4.79
4.93
6.30
5.82
5.65
5.80
6.07
6.35
6.33
6.03
2011
5-yr avg
5.25
5.14
5.26
5.24
5.52
5.53
5.45
5.81
5.74
6.00
5.45
5.37
5.31
5.36
5.39
5.14
5.10
5.28
5.29
5.38
5.41
5.61
5.50
5.55
5.41
5.27
5.22
5.22
5.23
5.31
5.33
5.28
5.36
5.21
5.25
5.53
5.32
5.37
5.20
5.20
5.10
5.10
5.10
5.28
5.26
5.31
5.39
5.47
5-yr min
3.28
3.28
3.20
3.08
3.09
3.23
3.12
3.24
3.28
3.28
3.33
3.16
2.89
2.88
2.94
3.01
2.86
2.84
2.88
3.10
2.98
2.87
2.96
3.13
3.17
3.21
3.07
3.15
3.10
3.15
3.29
3.35
3.30
3.24
3.51
3.51
3.46
3.62
3.45
3.50
3.35
3.42
3.36
3.30
3.53
3.42
3.47
3.56
5-yr max
9.17
8.49
9.37
9.17
10.67
10.54
10.45
11.81
11.38
12.37
9.77
10.00
9.41
9.45
9.44
8.34
8.12
8.38
7.92
7.82
8.05
8.82
8.75
9.00
8.37
7.69
7.59
7.39
7.80
8.38
8.68
7.65
7.37
7.72
7.74
8.60
8.50
8.36
7.89
7.75
7.60
7.44
7.42
8.26
8.71
9.34
9.27
8.95
12
Table 7.Dorchester, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
1998
1999
2000
2001
2002
2003
0.10
0.09
0.10
-0.10
-0.05
-0.08
0.06
0.00
0.00
0.04
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.18
0.07
0.07
0.07
0.07
0.07
0.07
0.07
0.17
0.05
-0.10
-0.08
-0.19
-0.19
-0.24
-0.24
-0.31
-0.33
-0.33
-0.33
-0.35
-0.35
-0.30
-0.28
-0.38
-0.35
-0.35
-0.33
-0.30
-0.30
-0.29
-0.39
-0.25
-0.23
-0.23
-0.23
-0.28
-0.27
-0.29
-0.27
2004
-0.03
-0.26
-0.27
-0.25
-0.27
-0.27
-0.27
-0.27
-0.26
-0.26
-0.25
-0.29
-0.24
-0.30
-0.30
-0.29
-0.35
-0.33
-0.15
-0.16
-0.12
-0.07
-0.33
-0.29
-0.22
-0.22
-0.21
-0.17
-0.20
-0.20
-0.20
-0.20
-0.34
-0.30
-0.34
-0.34
-0.34
-0.34
-0.34
-0.30
-0.26
-0.26
-0.25
-0.25
-0.20
-0.15
-0.15
-0.16
2005
-0.15
-0.15
-0.15
-0.15
-0.15
-0.10
-0.17
-0.21
-0.20
-0.30
-0.33
-0.33
-0.36
-0.34
-0.34
-0.38
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.22
-0.28
-0.28
-0.28
-0.27
-0.28
-0.28
-0.16
-0.15
-0.19
-0.24
-0.15
-0.18
-0.36
-0.26
-0.28
-0.28
-0.28
-0.28
-0.18
-0.18
-0.21
-0.20
-0.20
-0.20
2006
-0.20
-0.20
-0.20
-0.20
-0.20
-0.25
-0.25
-0.31
-0.37
-0.26
-0.26
-0.27
-0.23
-0.23
-0.23
-0.23
-0.30
-0.18
-0.20
-0.20
-0.31
-0.31
-0.30
-0.38
-0.44
-0.32
-0.32
-0.32
-0.32
-0.30
-0.29
-0.27
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.38
-0.44
-0.44
-0.44
2007
-0.44
-0.35
-0.35
-0.33
-0.33
-0.33
-0.30
-0.24
-0.30
-0.27
-0.27
-0.27
-0.20
-0.16
-0.16
-0.16
-0.06
-0.16
-0.15
-0.22
-0.25
-0.30
-0.30
-0.37
-0.38
-0.39
-0.45
-0.45
-0.44
-0.44
-0.42
-0.39
-0.53
-0.53
-0.60
-0.59
-0.60
-0.50
-0.50
-0.50
-0.45
-0.45
-0.45
-0.37
-0.48
-0.49
-0.49
-0.49
2008
-0.49
-0.45
-0.44
-0.44
-0.43
-0.40
-0.40
-0.45
-0.45
-0.55
-0.55
-0.55
-0.55
-0.29
-0.30
-0.29
-0.53
-0.30
-0.29
-0.15
-0.09
-0.10
-0.55
-0.55
-0.75
-0.79
-0.79
-0.77
-0.67
-0.60
-0.60
-0.60
-0.63
-0.82
-0.84
-0.85
-0.78
-0.78
-0.80
-0.59
-0.59
-0.65
-0.55
-0.50
-0.69
-0.70
-0.69
-0.60
2009
-0.54
-0.47
-0.46
-0.45
-0.44
-0.46
-0.38
-0.43
-0.33
-0.31
-0.34
-0.32
0.01
-0.24
-0.30
-0.30
-0.40
-0.26
-0.30
-0.29
-0.30
-0.30
-0.30
-0.45
-0.53
-0.50
-0.50
-0.56
-0.55
-0.60
-0.60
-0.60
-0.76
-0.76
-0.76
-0.76
-0.71
-0.65
-0.62
-0.62
-0.62
-0.68
-0.62
-0.62
-0.78
-0.78
-0.78
-0.71
2010
-0.68
-0.78
-0.78
-0.78
-0.78
-0.75
-0.75
-0.75
-0.83
-0.83
-0.78
-0.78
-0.61
-0.73
-0.73
-0.77
-0.95
-1.00
-1.05
-1.05
-1.05
-1.07
-1.17
-1.22
-1.27
-1.21
-1.27
-1.36
-1.50
-1.43
-1.40
-1.11
-1.25
-1.25
-1.18
-0.95
2011
5-yr avg
-0.36
-0.32
-0.32
-0.31
-0.31
-0.31
-0.30
-0.33
-0.33
-0.34
-0.35
-0.35
-0.27
-0.25
-0.27
-0.27
-0.32
-0.24
-0.25
-0.23
-0.25
-0.26
-0.35
-0.39
-0.48
-0.46
-0.47
-0.47
-0.45
-0.44
-0.41
-0.40
-0.48
-0.53
-0.53
-0.54
-0.55
-0.50
-0.50
-0.46
-0.45
-0.47
-0.42
-0.39
-0.51
-0.52
-0.52
-0.49
5-yr min
-0.54
-0.47
-0.46
-0.45
-0.44
-0.46
-0.40
-0.45
-0.45
-0.55
-0.55
-0.55
-0.55
-0.34
-0.34
-0.38
-0.53
-0.30
-0.30
-0.30
-0.31
-0.31
-0.55
-0.55
-0.75
-0.79
-0.79
-0.77
-0.67
-0.60
-0.60
-0.60
-0.76
-0.82
-0.84
-0.85
-0.78
-0.78
-0.80
-0.62
-0.62
-0.68
-0.62
-0.62
-0.78
-0.78
-0.78
-0.71
5-yr max
-0.15
-0.15
-0.15
-0.15
-0.15
-0.10
-0.17
-0.21
-0.20
-0.26
-0.26
-0.27
0.01
-0.16
-0.16
-0.16
-0.06
-0.16
-0.15
-0.15
-0.09
-0.10
-0.30
-0.22
-0.28
-0.28
-0.28
-0.27
-0.28
-0.28
-0.16
-0.15
-0.19
-0.24
-0.15
-0.18
-0.30
-0.26
-0.28
-0.28
-0.28
-0.28
-0.18
-0.18
-0.21
-0.20
-0.20
-0.20
13
Figure 4. Dorchester, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.20
0.00
-0.20
-0.40
Basis ($/bu)
-0.60
-0.80
-1.00
-1.20
-1.40
5-yr avg
5-yr min
5-yr max
2010
-1.60
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
14
Table 8.Dix, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
3.94
4.00
4.00
4.06
4.05
4.10
4.02
4.06
4.07
4.21
4.17
3.90
4.21
4.50
4.27
4.25
4.15
4.00
3.92
3.80
3.70
3.50
3.35
3.13
2.98
3.17
3.32
3.33
3.23
3.36
3.33
3.33
3.28
3.31
3.14
3.31
3.28
3.30
3.23
3.11
3.14
3.23
3.10
3.03
1998
2.88
3.06
3.07
3.14
3.17
3.12
3.05
3.07
3.09
3.23
3.14
3.02
3.07
2.95
3.00
2.92
3.05
2.94
2.81
2.74
2.64
2.69
2.45
2.38
2.34
2.23
2.21
2.19
2.08
2.07
2.11
2.16
2.35
2.27
2.61
2.63
2.59
2.72
2.74
2.65
2.52
2.58
1999
2.77
2.67
2.62
2.62
2.57
2.50
2.36
2.23
2.35
2.53
2.50
2.62
2.57
2.49
2.50
2.37
2.40
2.29
2.26
2.35
2.40
2.28
2.27
2.20
2.02
1.89
2.00
2.16
2.07
2.16
2.10
2.14
2.18
2.14
2.14
2.00
1.98
2.01
2.02
2.08
2.01
1.98
1.98
1.90
1.93
2.03
2.05
2000
2.07
2.14
2.19
2.17
2.07
2.27
2.21
2.14
2.05
2.15
2.18
2.04
2.05
2.06
2.05
2.00
2.16
2.20
2.18
2.27
2.22
2.23
2.20
2.41
2.31
2.35
2.20
2.19
2.17
2.16
2.21
2.35
2.37
2.39
2.35
2.58
2.68
2.82
2.69
2.68
2.78
2.76
2.78
2.84
2.81
2.74
2.89
2.87
2001
2.97
3.05
2.97
2.95
2.84
2.81
2.82
2.82
2.90
2.91
2.90
2.75
2.75
2.82
2.85
2.98
2.89
2.84
2.95
2.82
2.79
2.75
2.67
2.55
2.61
2.77
2.73
2.70
2.63
2.63
2.60
2.77
2.61
2.66
2.61
2.68
2.63
2.65
2.67
2.76
2.77
2.74
2.66
2.66
2.72
2.67
2.70
2.70
2002
2.72
4.12
4.23
3.92
3.91
3.93
3.79
2003
3.67
3.68
3.50
3.53
3.67
3.64
3.66
3.49
3.55
3.40
3.34
3.30
3.27
3.30
3.29
3.34
3.15
3.31
3.61
3.29
3.04
3.12
2.82
2.72
2.60
2.53
2.64
2.78
3.01
3.22
3.14
3.09
3.11
2.97
2.91
3.09
3.13
2.87
2.91
3.22
3.29
3.53
3.30
3.55
3.69
3.52
3.60
3.41
2004
3.72
3.62
3.57
3.57
3.51
3.58
3.53
3.64
3.47
3.30
3.68
3.72
3.75
3.76
3.51
3.54
3.80
3.52
3.47
3.46
3.46
3.34
3.34
3.24
3.18
3.23
3.25
3.08
3.03
2.82
2.91
2.97
3.04
3.01
3.25
3.11
3.03
3.14
3.07
3.20
3.17
3.26
3.32
3.19
3.05
3.23
3.25
3.30
2005
3.31
3.33
3.28
3.11
3.12
3.21
3.10
3.26
3.23
3.33
3.36
3.21
2.98
3.02
3.08
3.19
3.06
3.04
3.10
3.30
3.18
2.87
2.96
3.05
3.03
3.11
2.93
3.01
3.01
3.06
3.08
3.13
3.13
3.12
3.24
3.27
3.38
3.44
3.29
3.34
3.21
3.30
3.14
3.13
3.40
3.32
3.37
3.46
2006
3.54
3.51
3.41
3.64
3.68
3.92
3.84
3.87
3.87
3.91
3.62
3.68
3.94
4.20
4.08
3.85
3.95
4.28
4.56
4.49
4.34
4.34
4.17
4.55
4.91
4.64
4.68
4.46
4.45
4.32
4.17
4.34
4.48
4.27
4.52
4.64
4.72
4.93
4.90
4.90
4.82
4.75
4.72
4.81
4.67
4.63
4.68
4.72
2007
4.46
4.46
4.60
4.64
4.58
4.59
4.61
4.87
4.75
4.72
4.55
4.62
4.49
4.65
4.90
4.84
4.63
4.52
4.49
4.67
4.83
5.55
5.43
5.47
5.39
5.41
5.37
5.70
5.63
5.85
5.76
6.20
6.84
7.20
7.29
8.15
8.05
7.86
7.44
7.30
7.15
7.09
7.12
7.88
8.50
9.13
9.11
8.79
2008
9.01
8.29
9.07
8.89
10.45
10.29
10.27
11.66
11.23
12.32
9.72
9.95
9.36
9.15
9.14
8.04
7.82
8.16
7.70
7.47
7.60
8.22
8.50
8.75
8.14
7.50
7.45
7.23
7.54
8.05
8.35
7.32
7.03
6.48
6.53
5.57
5.33
4.88
4.69
4.86
5.01
4.71
4.86
4.28
4.49
5.05
5.26
2009
5.53
5.53
5.14
5.23
5.10
4.97
4.80
4.81
4.83
4.99
5.29
4.83
4.93
4.93
5.07
5.34
5.64
5.67
6.01
6.10
5.64
5.39
5.12
4.74
4.51
4.56
4.52
4.31
4.05
3.96
4.05
3.80
3.54
3.55
3.67
3.52
3.73
4.13
4.26
4.12
4.32
4.62
4.47
4.52
4.17
4.05
4.21
2010
4.48
9.24
8.94
8.75
8.57
8.93
8.98
8.98
8.84
8.67
8.98
8.81
8.82
8.87
9.24
9.40
8.89
9.04
8.83
9.02
9.10
8.90
9.07
9.01
8.86
9.33
9.63
9.54
9.89
9.89
9.72
9.75
9.74
10.11
9.59
10.22
2011
5-yr avg
5.17
5.02
5.10
5.10
5.39
5.40
5.32
5.69
5.58
5.85
5.31
5.26
5.19
5.19
5.23
5.00
4.96
5.13
5.10
5.19
5.21
5.32
5.29
5.39
5.24
5.03
5.00
4.98
4.99
5.07
5.06
5.01
5.06
4.92
4.65
5.25
5.05
5.06
4.93
4.90
4.83
4.89
4.86
5.03
5.07
5.15
5.25
5.29
5-yr min
3.31
3.33
3.28
3.11
3.12
3.21
3.10
3.26
3.23
3.33
3.36
3.21
2.98
3.02
3.08
3.19
3.06
3.04
3.10
3.30
3.18
2.87
2.96
3.05
3.03
3.11
2.93
3.01
3.01
3.06
3.08
3.13
3.13
3.12
3.24
3.27
3.38
3.44
3.29
3.34
3.21
3.30
3.14
3.13
3.40
3.32
3.37
3.46
5-yr max
9.01
8.29
9.07
8.89
10.45
10.29
10.27
11.66
11.23
12.32
9.72
9.95
9.36
9.15
9.14
8.04
7.82
8.16
7.70
7.47
7.60
8.22
8.50
8.75
8.14
7.50
7.45
7.23
7.54
8.05
8.35
7.32
7.03
7.20
7.29
8.15
8.05
7.86
7.44
7.30
7.15
7.09
7.12
7.88
8.50
9.13
9.11
8.79
15
Table 9.Dix, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
-0.11
-0.11
-0.17
-0.08
-0.15
-0.12
-0.17
-0.02
-0.02
-0.02
-0.12
-0.15
-0.15
-0.32
-0.41
-0.25
-0.19
-0.19
-0.15
-0.03
-0.07
-0.06
-0.10
-0.21
-0.36
-0.27
-0.35
-0.43
-0.43
-0.43
-0.61
-0.51
-0.52
-0.48
-0.50
-0.49
-0.49
-0.48
-0.45
-0.46
-0.38
-0.41
-0.50
-0.40
1998
-0.56
-0.38
-0.43
-0.37
-0.29
-0.27
-0.34
-0.41
-0.50
-0.22
-0.19
-0.31
-0.12
-0.29
-0.17
-0.40
-0.19
-0.29
-0.26
-0.24
-0.47
-0.32
-0.47
-0.50
-0.40
-0.54
-0.58
-0.50
-0.74
-0.79
-0.81
-0.95
-0.67
-1.00
-0.67
-0.56
-0.68
-0.54
-0.46
-0.49
-0.63
-0.60
1999
-0.44
-0.48
-0.44
-0.47
-0.48
-0.48
-0.53
-0.48
-0.58
-0.53
-0.53
-0.48
-0.47
-0.46
-0.42
-0.46
-0.52
-0.52
-0.51
-0.54
-0.53
-0.53
-0.53
-0.63
-0.68
-0.78
-0.75
-0.80
-0.80
-0.80
-0.78
-0.92
-0.87
-0.84
-0.81
-0.79
-0.78
-0.77
-0.75
-0.74
-0.72
-0.69
-0.78
-0.78
-0.75
-0.74
-0.71
2000
-0.68
-0.76
-0.74
-0.74
-0.74
-0.74
-0.72
-0.72
-0.81
-0.78
-0.78
-0.76
-0.75
-0.75
-0.75
-0.71
-0.84
-0.84
-0.77
-0.80
-0.76
-0.76
-0.76
-0.72
-0.65
-0.60
-0.63
-0.63
-0.60
-0.57
-0.57
-0.48
-0.67
-0.63
-0.59
-0.53
-0.48
-0.45
-0.40
-0.37
-0.35
-0.34
-0.29
-0.25
-0.38
-0.40
-0.36
-0.36
2001
-0.35
-0.33
-0.35
-0.33
-0.33
-0.31
-0.30
-0.26
-0.33
-0.35
-0.30
-0.30
-0.34
-0.31
-0.33
-0.31
-0.41
-0.43
-0.40
-0.36
-0.38
-0.38
-0.39
-0.35
-0.46
-0.44
-0.44
-0.42
-0.38
-0.38
-0.36
-0.25
-0.43
-0.37
-0.32
-0.27
-0.24
-0.24
-0.24
-0.20
-0.19
-0.18
-0.18
-0.14
-0.16
-0.16
-0.14
-0.15
2002
-0.18
-0.07
-0.07
0.04
0.04
0.04
0.04
2003
0.04
0.04
0.04
0.07
0.08
0.08
0.08
0.10
0.12
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.18
0.15
0.10
-0.04
-0.15
-0.20
-0.30
-0.30
-0.47
-0.52
-0.57
-0.55
-0.52
-0.52
-0.52
-0.48
-0.55
-0.55
-0.50
-0.50
-0.48
-0.47
-0.47
-0.44
-0.42
-0.40
-0.39
-0.39
-0.39
-0.37
-0.37
-0.30
2004
-0.13
-0.36
-0.40
-0.40
-0.33
-0.30
-0.29
-0.29
-0.28
-0.31
-0.30
-0.37
-0.35
-0.43
-0.43
-0.37
-0.41
-0.41
-0.23
-0.23
-0.21
-0.16
-0.42
-0.42
-0.44
-0.46
-0.39
-0.47
-0.40
-0.35
-0.33
-0.30
-0.38
-0.38
-0.38
-0.44
-0.30
-0.30
-0.30
-0.30
-0.28
-0.25
-0.25
-0.26
-0.20
-0.18
-0.10
-0.13
2005
-0.12
-0.10
-0.07
-0.12
-0.12
-0.12
-0.19
-0.19
-0.25
-0.25
-0.30
-0.28
-0.27
-0.20
-0.20
-0.20
-0.10
-0.10
-0.08
-0.10
-0.10
-0.30
-0.30
-0.30
-0.42
-0.38
-0.42
-0.41
-0.37
-0.37
-0.37
-0.37
-0.36
-0.36
-0.42
-0.42
-0.44
-0.44
-0.44
-0.44
-0.42
-0.40
-0.40
-0.35
-0.34
-0.30
-0.30
-0.30
2006
-0.32
-0.32
-0.42
-0.32
-0.35
-0.42
-0.42
-0.47
-0.53
-0.53
-0.52
-0.41
-0.37
-0.37
-0.37
-0.37
-0.44
-0.44
-0.50
-0.50
-0.50
-0.50
-0.47
-0.33
-0.27
-0.30
-0.35
-0.40
-0.40
-0.37
-0.30
-0.28
-0.36
-0.32
-0.32
-0.32
-0.33
-0.40
-0.40
-0.40
-0.42
-0.40
-0.40
-0.40
-0.47
-0.47
-0.40
-0.40
2007
-0.35
-0.35
-0.35
-0.30
-0.30
-0.25
-0.25
-0.25
-0.30
-0.30
-0.25
-0.25
-0.20
-0.20
-0.20
-0.20
-0.10
-0.20
-0.30
-0.25
-0.30
-0.45
-0.45
-0.53
-0.65
-0.80
-0.70
-0.72
-0.72
-0.75
-0.75
-0.77
-1.05
-1.05
-1.05
-1.04
-1.05
-1.00
-0.95
-0.95
-0.90
-0.80
-0.75
-0.75
-0.69
-0.70
-0.65
-0.65
2008
-0.65
-0.65
-0.74
-0.72
-0.65
-0.65
-0.58
-0.60
-0.60
-0.60
-0.60
-0.60
-0.60
-0.59
-0.60
-0.59
-0.83
-0.52
-0.51
-0.51
-0.54
-0.70
-0.80
-0.80
-0.98
-0.98
-0.93
-0.93
-0.93
-0.93
-0.93
-0.93
-0.97
-1.16
-1.12
-1.11
-1.05
-1.00
-0.95
-0.77
-0.77
-0.77
-0.72
-0.85
-0.85
-0.85
-0.90
2009
-0.80
-0.80
-0.80
-0.80
-0.80
-0.78
-0.70
-0.73
-0.77
-0.75
-0.77
-0.77
-0.77
-0.77
-0.73
-0.80
-0.68
-0.80
-0.79
-0.80
-0.81
-0.80
-0.80
-0.90
-1.01
-1.04
-1.10
-1.03
-1.04
-1.03
-1.04
-1.19
-1.20
-1.19
-1.17
-1.18
-1.17
-1.05
-1.05
-1.06
-1.03
-0.99
-1.00
-1.10
-1.10
-1.10
-1.08
2010
-1.02
-1.15
-1.13
-1.12
-1.13
-1.12
-1.11
-1.11
-1.16
-1.16
-1.15
-1.15
-1.10
-1.11
-1.11
-1.15
-1.26
-1.27
-1.30
-1.32
-1.36
-1.46
-1.46
-1.75
-1.56
-1.56
-1.56
-1.83
-1.90
-1.85
-1.85
-1.60
-1.73
-1.73
-1.74
-1.44
2011
5-yr avg
-0.45
-0.44
-0.48
-0.45
-0.44
-0.44
-0.43
-0.45
-0.49
-0.49
-0.49
-0.46
-0.36
-0.43
-0.43
-0.42
-0.45
-0.39
-0.44
-0.43
-0.45
-0.55
-0.56
-0.55
-0.65
-0.69
-0.69
-0.71
-0.69
-0.69
-0.68
-0.68
-0.79
-0.82
-0.75
-0.81
-0.82
-0.81
-0.77
-0.76
-0.71
-0.68
-0.66
-0.64
-0.69
-0.68
-0.66
-0.67
5-yr min
-0.80
-0.80
-0.80
-0.80
-0.80
-0.78
-0.70
-0.73
-0.77
-0.75
-0.77
-0.77
-0.60
-0.77
-0.77
-0.73
-0.83
-0.68
-0.80
-0.79
-0.80
-0.81
-0.80
-0.80
-0.98
-1.01
-1.04
-1.10
-1.03
-1.04
-1.03
-1.04
-1.19
-1.20
-1.19
-1.17
-1.18
-1.17
-1.05
-1.05
-1.06
-1.03
-0.99
-1.00
-1.10
-1.10
-1.10
-1.08
5-yr max
-0.12
-0.10
-0.07
-0.12
-0.12
-0.12
-0.19
-0.19
-0.25
-0.25
-0.25
-0.25
-0.20
-0.20
-0.20
-0.20
-0.10
-0.10
-0.08
-0.10
-0.10
-0.30
-0.30
-0.30
-0.27
-0.30
-0.35
-0.40
-0.37
-0.37
-0.30
-0.28
-0.36
-0.32
-0.32
-0.32
-0.33
-0.40
-0.40
-0.40
-0.42
-0.40
-0.40
-0.35
-0.34
-0.30
-0.30
-0.30
16
Figure 5. Dix, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.00
-0.20
-0.40
-0.60
Basis ($/bu)
-0.80
-1.00
-1.20
-1.40
-1.60
5-yr avg
5-yr min
-1.80
5-yr max
2010
-2.00
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
17
Table 10. Grand Island, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
3.98
4.05
4.02
1998
2.96
3.08
3.11
4.04
4.07
4.01
4.06
4.08
4.22
4.22
3.91
4.17
4.57
4.37
4.25
4.09
3.94
3.75
3.63
3.63
3.44
3.25
2.99
3.02
3.22
3.42
3.49
3.40
3.52
3.50
3.44
3.38
3.36
3.22
3.38
3.35
3.31
3.27
3.16
3.13
3.12
2.93
3.28
3.34
3.16
3.17
3.18
3.29
3.18
3.05
3.04
2.90
2.92
2.87
3.00
2.94
2.92
2.81
2.77
2.70
2.86
2.61
2.55
2.51
2.38
2.32
2.34
2.25
2.23
2.28
2.35
2.48
2.44
2.68
2.91
2.56
2.64
2.64
2.47
2.48
1999
2.83
2.77
2.75
2.73
2.68
2.61
2.41
2.53
2.66
2.62
2.69
2.63
2.55
2.51
2.38
2.43
2.25
2.32
2.40
2.28
2.27
2.21
2.17
2.15
2.22
2.32
2.24
2.32
2.25
2.26
2.24
2.18
2.14
2.00
1.98
2.00
2.00
2.05
2.08
2.03
1.96
1.90
1.91
1.98
2.02
2000
2.06
2.18
2.20
2.22
2.17
2.35
2.27
2.20
2.10
2.20
2.25
2.10
2.17
2.20
2.21
2.13
2.30
2.34
2.29
2.37
2.28
2.28
2.50
2.68
2.51
2.52
2.41
2.42
2.38
2.33
2.38
2.48
2.50
2.47
2.44
2.61
2.65
2.81
2.74
2.70
2.70
2.81
2.79
2.80
2.87
2.81
2.91
2.90
2001
2.98
3.09
3.02
2.99
2.88
2.84
2.84
2.82
2.87
2.89
2.85
2.72
2.74
2.83
2.88
2.98
2.91
2.99
3.07
2.92
2.88
2.84
2.78
2.62
2.74
2.87
2.81
2.78
2.66
2.65
2.63
2.71
2.63
2.64
2.54
2.60
2.52
2.54
2.61
2.71
2.71
2.68
2.72
2.75
2.76
2.73
2.73
2.74
2002
2.78
2.79
2.86
2.81
2.80
2.80
2.81
2.76
2.82
2.79
2.78
2.85
2.92
2.75
2.87
2.73
2.71
2.75
2.74
2.74
2.90
3.03
3.02
3.19
3.29
3.44
3.56
3.62
3.67
3.68
3.82
3.91
4.50
4.62
4.58
4.64
4.67
4.60
4.77
4.61
4.54
4.35
4.14
4.24
3.95
3.94
3.96
3.84
2003
3.70
3.70
3.52
3.55
3.66
3.62
3.65
3.45
3.48
3.33
3.25
3.22
3.19
3.22
3.20
3.26
3.07
3.23
3.42
3.23
3.10
3.21
2.91
2.82
2.75
2.67
2.82
2.94
3.18
3.42
3.42
3.34
3.33
3.18
3.10
3.27
3.33
3.07
3.10
3.41
3.48
3.70
3.46
3.70
3.82
3.64
3.72
3.51
2004
3.84
3.73
3.79
3.71
3.57
3.61
3.55
3.70
3.53
3.40
3.78
3.75
3.82
3.85
3.60
3.62
3.87
3.58
3.53
3.52
3.54
3.46
3.46
3.39
3.31
3.39
3.36
3.23
3.19
2.93
3.00
3.06
3.10
3.14
3.38
3.17
3.03
3.14
3.08
3.21
3.16
3.22
3.35
3.22
3.09
3.25
3.20
3.25
2005
3.27
3.28
3.20
3.08
3.09
3.16
3.09
3.20
3.23
3.27
3.31
3.13
2.90
2.88
2.94
3.05
2.90
2.89
2.93
3.14
2.97
2.86
2.96
3.04
3.12
3.15
3.07
3.14
3.10
3.18
3.23
3.28
3.19
3.14
3.35
3.39
3.48
3.54
3.44
3.44
3.28
3.43
3.28
3.20
3.44
3.36
3.33
3.50
2006
3.64
3.57
3.57
3.69
3.77
4.08
3.99
4.05
4.04
4.08
3.78
3.73
3.95
4.20
4.09
3.86
3.94
4.30
4.65
4.58
4.47
4.48
4.28
4.62
4.83
4.68
4.67
4.50
4.50
4.34
4.32
4.45
4.26
4.51
4.63
4.66
4.94
4.91
4.91
4.85
4.76
4.73
4.81
4.58
4.55
4.52
4.56
2007
4.25
4.25
4.39
4.38
4.52
4.28
4.38
4.64
4.58
4.59
4.37
4.44
4.26
4.42
4.67
4.61
4.55
4.44
4.56
4.74
4.86
5.57
5.50
5.62
5.51
5.58
5.54
5.87
5.80
6.05
5.96
6.43
7.24
7.60
7.69
8.55
8.45
8.21
7.74
7.60
7.40
7.24
7.37
8.23
8.75
9.41
9.31
8.99
2008
9.20
8.49
9.37
9.16
10.65
10.46
10.34
11.90
11.38
12.53
10.10
9.51
9.33
9.29
8.19
8.19
8.23
7.77
7.52
7.65
8.47
8.85
8.92
8.27
7.64
7.54
7.36
7.67
8.32
8.70
7.67
7.41
6.86
6.56
6.87
5.91
5.60
5.10
4.86
4.85
5.00
4.70
4.84
4.25
4.46
5.02
5.53
2009
5.76
5.75
5.37
5.44
5.32
5.17
5.10
5.09
5.12
5.28
5.58
5.12
5.44
5.23
5.22
5.32
5.66
5.96
5.99
6.33
6.42
5.97
5.71
5.44
5.14
5.02
5.04
4.97
4.73
4.48
4.38
4.48
4.23
4.02
3.95
4.01
3.87
4.07
4.35
4.48
4.35
4.52
4.78
4.64
4.76
4.39
4.27
4.48
2010
4.72
9.15
8.96
8.74
8.61
8.90
9.00
8.95
8.87
8.76
9.05
8.88
8.99
9.04
9.42
9.53
9.02
9.14
9.02
9.18
9.22
9.03
9.19
9.23
8.89
9.35
9.69
9.65
9.93
9.82
9.66
9.68
9.62
9.99
9.68
10.23
2011
5-yr avg
5.22
5.07
5.18
5.15
5.47
5.43
5.38
5.78
5.67
5.95
4.26
5.30
5.21
5.21
5.24
5.01
5.05
5.16
5.18
5.26
5.27
5.47
5.46
5.53
5.37
5.21
5.17
5.17
5.16
5.27
5.57
5.24
5.30
5.18
5.21
5.49
5.27
5.27
5.11
5.06
4.95
4.99
4.97
5.14
5.16
5.23
5.29
5.41
5-yr min
3.27
3.28
3.20
3.08
3.09
3.16
3.09
3.20
3.23
3.27
3.31
3.13
2.90
2.88
2.94
3.05
2.90
2.89
2.93
3.14
2.97
2.86
2.96
3.04
3.12
3.15
3.07
3.14
3.10
3.18
3.23
3.28
3.19
3.14
3.35
3.39
3.48
3.54
3.44
3.44
3.28
3.43
3.28
3.20
3.44
3.36
3.33
3.50
5-yr max
9.20
8.49
9.37
9.16
10.65
10.46
10.34
11.90
11.38
12.53
5.58
10.10
9.51
9.33
9.29
8.19
8.19
8.23
7.77
7.52
7.65
8.47
8.85
8.92
8.27
7.64
7.54
7.36
7.67
8.32
8.70
7.67
7.41
7.60
7.69
8.55
8.45
8.21
7.74
7.60
7.40
7.24
7.37
8.23
8.75
9.41
9.31
8.99
18
Table 11. Grand Island, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
-0.07
-0.06
-0.15
1998
-0.48
-0.36
-0.39
-0.10
-0.15
-0.18
-0.02
-0.01
-0.01
-0.07
-0.14
-0.19
-0.25
-0.31
-0.25
-0.25
-0.25
-0.32
-0.20
-0.14
-0.12
-0.20
-0.35
-0.32
-0.22
-0.25
-0.27
-0.26
-0.27
-0.44
-0.40
-0.42
-0.43
-0.42
-0.42
-0.42
-0.47
-0.41
-0.41
-0.39
-0.48
-0.50
-0.18
-0.05
-0.23
-0.31
-0.41
-0.16
-0.15
-0.28
-0.15
-0.34
-0.26
-0.45
-0.24
-0.29
-0.19
-0.26
-0.21
-0.41
-0.15
-0.31
-0.33
-0.23
-0.39
-0.47
-0.35
-0.57
-0.63
-0.64
-0.76
-0.54
-0.83
-0.60
-0.28
-0.71
-0.62
-0.56
-0.67
-0.70
1999
-0.38
-0.38
-0.31
-0.36
-0.37
-0.37
-0.30
-0.40
-0.40
-0.41
-0.41
-0.41
-0.40
-0.41
-0.46
-0.49
-0.52
-0.57
-0.53
-0.53
-0.53
-0.62
-0.53
-0.52
-0.53
-0.64
-0.63
-0.64
-0.63
-0.80
-0.81
-0.80
-0.80
-0.79
-0.78
-0.78
-0.77
-0.77
-0.65
-0.64
-0.80
-0.78
-0.77
-0.79
-0.74
2000
-0.69
-0.72
-0.73
-0.69
-0.64
-0.66
-0.66
-0.66
-0.76
-0.73
-0.71
-0.71
-0.63
-0.61
-0.59
-0.58
-0.70
-0.70
-0.66
-0.70
-0.70
-0.71
-0.46
-0.44
-0.45
-0.43
-0.42
-0.40
-0.39
-0.40
-0.40
-0.34
-0.54
-0.55
-0.50
-0.50
-0.51
-0.46
-0.35
-0.35
-0.43
-0.29
-0.28
-0.29
-0.32
-0.33
-0.34
-0.33
2001
-0.34
-0.29
-0.30
-0.29
-0.29
-0.28
-0.28
-0.26
-0.36
-0.37
-0.35
-0.33
-0.35
-0.30
-0.30
-0.31
-0.39
-0.28
-0.28
-0.25
-0.29
-0.29
-0.28
-0.28
-0.33
-0.34
-0.36
-0.34
-0.35
-0.36
-0.33
-0.30
-0.41
-0.39
-0.39
-0.35
-0.35
-0.35
-0.30
-0.25
-0.25
-0.24
-0.12
-0.05
-0.12
-0.10
-0.11
-0.11
2002
-0.11
-0.11
-0.10
-0.11
-0.06
-0.05
-0.05
-0.01
-0.06
-0.06
-0.06
-0.05
-0.05
-0.05
-0.03
-0.02
-0.10
-0.09
-0.10
-0.10
-0.13
-0.11
-0.10
-0.06
-0.04
-0.04
-0.04
-0.04
-0.07
-0.09
-0.09
0.10
0.05
-0.01
-0.01
-0.01
-0.01
-0.03
-0.02
-0.04
0.03
-0.04
-0.05
-0.06
0.07
0.07
0.07
0.09
2003
0.07
0.06
0.06
0.09
0.07
0.06
0.07
0.06
0.05
0.02
0.00
0.01
0.01
0.01
0.00
0.01
0.10
0.07
-0.09
-0.10
-0.09
-0.11
-0.21
-0.20
-0.32
-0.38
-0.39
-0.39
-0.35
-0.32
-0.24
-0.23
-0.33
-0.34
-0.31
-0.32
-0.28
-0.27
-0.28
-0.25
-0.23
-0.23
-0.23
-0.24
-0.26
-0.25
-0.25
-0.20
2004
-0.01
-0.25
-0.18
-0.26
-0.27
-0.27
-0.27
-0.23
-0.22
-0.21
-0.20
-0.34
-0.28
-0.34
-0.34
-0.29
-0.34
-0.35
-0.17
-0.17
-0.13
-0.04
-0.30
-0.27
-0.31
-0.30
-0.28
-0.32
-0.24
-0.24
-0.24
-0.21
-0.32
-0.25
-0.25
-0.38
-0.30
-0.30
-0.29
-0.29
-0.29
-0.29
-0.22
-0.23
-0.16
-0.16
-0.15
-0.18
2005
-0.16
-0.15
-0.15
-0.15
-0.15
-0.17
-0.20
-0.25
-0.25
-0.31
-0.35
-0.36
-0.35
-0.34
-0.34
-0.34
-0.26
-0.25
-0.25
-0.26
-0.31
-0.31
-0.30
-0.31
-0.33
-0.34
-0.28
-0.28
-0.28
-0.25
-0.22
-0.22
-0.30
-0.34
-0.31
-0.30
-0.34
-0.34
-0.29
-0.34
-0.35
-0.27
-0.26
-0.28
-0.30
-0.26
-0.34
-0.26
2006
-0.22
-0.26
-0.26
-0.27
-0.26
-0.26
-0.27
-0.29
-0.36
-0.36
-0.36
-0.36
-0.36
-0.37
-0.36
-0.36
-0.45
-0.42
-0.41
-0.41
-0.37
-0.36
-0.36
-0.27
-0.36
-0.26
-0.36
-0.36
-0.35
-0.35
-0.30
-0.39
-0.33
-0.33
-0.33
-0.39
-0.39
-0.39
-0.39
-0.39
-0.39
-0.39
-0.40
-0.56
-0.55
-0.56
-0.56
2007
-0.56
-0.56
-0.56
-0.56
-0.36
-0.56
-0.48
-0.48
-0.47
-0.43
-0.43
-0.43
-0.43
-0.43
-0.43
-0.43
-0.18
-0.28
-0.23
-0.18
-0.27
-0.43
-0.38
-0.38
-0.53
-0.63
-0.53
-0.55
-0.55
-0.55
-0.55
-0.54
-0.65
-0.65
-0.65
-0.64
-0.65
-0.65
-0.65
-0.65
-0.65
-0.65
-0.50
-0.40
-0.44
-0.42
-0.45
-0.45
2008
-0.46
-0.45
-0.44
-0.45
-0.45
-0.48
-0.51
-0.36
-0.45
-0.39
-0.45
-0.45
-0.41
-0.45
-0.44
-0.46
-0.45
-0.44
-0.45
-0.49
-0.45
-0.45
-0.63
-0.85
-0.84
-0.84
-0.79
-0.80
-0.66
-0.58
-0.58
-0.59
-0.78
-0.78
-0.78
-0.77
-0.78
-0.78
-0.77
-0.78
-0.78
-0.78
-0.74
-0.88
-0.88
-0.88
-0.63
2009
-0.57
-0.58
-0.57
-0.59
-0.58
-0.58
-0.40
-0.45
-0.48
-0.46
-0.48
-0.48
-0.22
-0.47
-0.48
-0.48
-0.48
-0.36
-0.48
-0.47
-0.48
-0.48
-0.48
-0.48
-0.50
-0.50
-0.56
-0.65
-0.61
-0.61
-0.61
-0.61
-0.76
-0.72
-0.79
-0.83
-0.83
-0.83
-0.83
-0.83
-0.83
-0.83
-0.83
-0.83
-0.86
-0.88
-0.88
-0.81
2010
-0.78
-0.88
-0.88
-0.88
-0.88
-0.88
-0.88
-0.77
-0.88
-0.88
-0.88
-0.88
-0.88
-0.88
-0.88
-0.88
-0.98
-0.98
-1.08
-1.08
-1.08
-1.09
-1.18
-1.18
-1.23
-1.23
-1.23
-1.23
-1.38
-1.48
-1.48
-1.48
-1.33
-1.33
-1.33
-1.08
2011
5-yr avg
-0.39
-0.40
-0.40
-0.40
-0.36
-0.41
-0.37
-0.37
-0.40
-0.39
-0.41
-0.42
-0.36
-0.40
-0.41
-0.41
-0.37
-0.35
-0.36
-0.35
-0.38
-0.41
-0.39
-0.41
-0.51
-0.51
-0.51
-0.53
-0.52
-0.48
-0.49
-0.45
-0.54
-0.56
-0.57
-0.58
-0.60
-0.60
-0.59
-0.60
-0.60
-0.58
-0.55
-0.53
-0.61
-0.60
-0.62
-0.54
5-yr min
-0.57
-0.58
-0.57
-0.59
-0.58
-0.58
-0.51
-0.48
-0.48
-0.46
-0.48
-0.48
-0.45
-0.47
-0.48
-0.48
-0.48
-0.45
-0.48
-0.47
-0.49
-0.48
-0.48
-0.63
-0.85
-0.84
-0.84
-0.79
-0.80
-0.66
-0.61
-0.61
-0.76
-0.78
-0.79
-0.83
-0.83
-0.83
-0.83
-0.83
-0.83
-0.83
-0.83
-0.83
-0.88
-0.88
-0.88
-0.81
5-yr max
-0.16
-0.15
-0.15
-0.15
-0.15
-0.17
-0.20
-0.25
-0.25
-0.31
-0.35
-0.36
-0.22
-0.34
-0.34
-0.34
-0.18
-0.25
-0.23
-0.18
-0.27
-0.31
-0.30
-0.27
-0.33
-0.26
-0.28
-0.28
-0.28
-0.25
-0.22
-0.22
-0.30
-0.33
-0.31
-0.30
-0.34
-0.34
-0.29
-0.34
-0.35
-0.27
-0.26
-0.28
-0.30
-0.26
-0.34
-0.26
19
Figure 6. Grand Island, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.00
-0.20
-0.40
Basis ($/bu)
-0.60
-0.80
-1.00
-1.20
5-yr avg
5-yr min
5-yr max
2010
-1.40
-1.60
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
20
Table 12. Greenwood, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
4.05
4.09
4.09
4.04
3.92
4.00
3.91
4.03
4.04
4.08
4.14
3.75
4.21
4.47
4.28
4.22
4.07
3.93
3.78
3.65
3.57
3.38
3.25
3.09
3.10
3.27
3.49
3.56
3.46
3.61
3.62
3.55
3.50
3.49
3.36
3.52
3.49
3.47
3.47
3.42
3.40
3.48
3.42
3.26
1998
3.17
3.30
3.39
3.39
3.40
3.36
3.29
3.29
3.33
3.43
3.29
3.21
3.23
3.16
3.18
3.14
3.18
3.07
3.06
2.91
2.89
2.80
2.87
2.68
2.62
2.60
2.47
2.43
2.41
2.28
2.27
2.28
2.32
2.49
2.41
2.82
2.91
2.85
2.98
2.97
2.94
2.89
2.91
1999
2.98
2.93
2.87
2.85
2.80
2.56
2.41
2.53
2.68
2.65
2.74
2.69
2.60
2.59
2.47
2.50
2.42
2.41
2.51
2.59
2.48
2.48
2.43
2.26
2.09
2.19
2.37
2.27
2.39
2.31
2.36
2.35
2.28
2.24
2.10
2.08
2.10
2.17
2.32
2.23
2.19
2.18
2.17
2.18
2.27
2.28
2000
2.30
2.40
2.43
2.41
2.33
2.55
2.47
2.39
2.31
2.38
2.42
2.29
2.35
2.39
2.38
2.33
2.50
2.53
2.49
2.57
2.48
2.51
2.59
2.87
2.63
2.67
2.56
2.55
2.50
2.46
2.51
2.67
2.72
2.70
2.62
2.79
2.87
3.00
2.84
2.85
2.92
2.90
2.92
2.94
2.98
3.09
3.07
2001
3.16
3.22
3.16
3.10
2.99
2.94
2.92
2.91
2.96
3.00
2.94
2.81
2.84
2.91
2.96
3.07
3.00
2.98
3.10
2.95
2.92
2.88
2.81
2.65
2.77
2.91
2.89
2.86
2.81
2.84
2.81
2.84
2.78
2.77
2.66
2.73
2.68
2.73
2.75
2.81
2.81
2.78
2.70
2.70
2.72
2.73
2.79
2.80
2002
2.85
2.86
2.92
2.82
2.76
2.75
2.76
2.67
2.75
2.72
2.71
2.80
2.89
2.67
2.77
2.62
2.60
2.65
2.65
2.75
2.95
3.05
3.03
3.18
3.31
3.42
3.54
3.58
3.67
3.70
3.84
3.89
4.38
4.55
4.51
4.56
4.60
4.57
4.73
4.59
4.54
4.36
4.16
4.27
3.95
3.94
3.96
3.82
2003
3.70
3.71
3.53
3.55
3.66
3.63
3.63
3.44
3.48
3.36
3.30
3.26
3.23
3.26
3.25
3.26
3.07
3.14
3.31
3.12
3.02
3.15
2.95
2.85
2.79
2.80
2.97
3.08
3.22
3.43
3.41
3.36
3.38
3.24
3.13
3.31
3.36
3.09
3.18
3.46
3.51
3.73
3.49
3.68
3.85
3.66
3.74
3.53
2004
3.86
3.74
3.70
3.72
3.57
3.66
3.60
3.70
3.53
3.39
3.77
3.82
3.88
3.91
3.66
3.62
3.86
3.58
3.53
3.51
3.53
3.43
3.43
3.37
3.37
3.51
3.43
3.27
3.21
2.95
3.02
3.05
3.09
3.06
3.30
3.13
3.00
3.11
3.04
3.17
3.12
3.21
3.37
3.19
3.05
3.21
3.15
3.26
2005
3.28
3.28
3.20
3.08
3.09
3.23
3.15
3.22
3.21
3.26
3.31
3.14
2.87
2.85
2.90
2.98
2.86
2.84
2.88
3.10
2.98
2.87
2.96
3.03
3.12
3.15
3.04
3.12
3.07
3.12
3.16
3.21
3.19
3.18
3.36
3.39
3.52
3.58
3.43
3.48
3.35
3.42
3.26
3.25
3.49
3.40
3.45
3.56
2006
3.64
3.61
3.62
3.75
3.82
4.13
4.05
4.13
4.14
4.18
3.88
3.84
4.05
4.31
4.23
4.00
4.09
4.42
4.76
4.69
4.52
4.54
4.34
4.65
4.87
4.72
4.81
4.64
4.63
4.47
4.25
4.40
4.47
4.24
4.49
4.61
4.72
5.00
4.97
4.97
4.91
4.82
4.79
4.88
4.71
4.67
4.65
4.72
2007
4.41
4.41
4.59
4.60
4.54
4.50
4.52
4.78
4.70
4.54
4.61
4.44
4.60
4.85
4.79
4.58
4.47
4.54
4.67
4.78
5.65
5.53
5.65
5.59
5.69
5.63
5.98
5.90
6.15
6.06
6.52
7.31
7.60
7.64
8.50
8.40
8.19
7.72
7.67
7.50
7.34
7.34
8.10
8.57
9.20
9.21
8.89
2008
9.11
8.39
9.27
9.06
10.55
10.27
10.22
11.61
11.18
12.09
9.95
9.44
9.18
9.04
8.09
7.82
8.08
7.62
7.37
7.60
8.32
8.68
8.85
8.29
7.44
7.37
7.15
7.62
8.18
8.58
7.60
7.29
6.74
6.44
6.75
5.79
5.48
4.98
4.79
4.83
4.98
4.78
4.96
4.33
4.54
5.11
5.31
2009
5.54
5.58
5.25
5.36
5.25
5.10
4.93
4.92
4.95
5.16
5.46
5.00
5.37
5.16
5.20
5.29
5.54
5.84
5.87
6.21
6.25
5.80
5.54
5.27
5.09
4.97
5.05
4.96
4.74
4.49
4.34
4.44
4.19
3.94
3.94
4.05
3.91
4.11
4.43
4.56
4.43
4.60
4.86
4.73
4.72
4.37
4.25
4.46
2010
4.72
9.29
8.99
8.77
8.66
8.95
9.00
8.96
8.88
8.74
9.09
8.92
8.91
9.02
9.42
9.49
9.01
9.28
9.02
9.29
9.30
9.14
9.29
9.09
9.01
9.38
9.78
9.62
9.84
9.94
9.82
9.90
9.84
10.21
9.91
10.19
2011
5-yr avg
5.20
5.05
5.19
5.17
5.45
5.45
5.37
5.73
5.87
5.88
4.30
5.31
5.23
5.22
5.24
5.03
4.98
5.13
5.13
5.21
5.23
5.44
5.41
5.49
5.39
5.19
5.18
5.17
5.19
5.28
5.28
5.23
5.29
5.14
5.17
5.46
5.27
5.27
5.11
5.09
5.00
5.03
5.01
5.18
5.16
5.24
5.33
5.39
5-yr min
3.28
3.28
3.20
3.08
3.09
3.23
3.15
3.22
3.21
3.26
3.31
3.14
2.87
2.85
2.90
2.98
2.86
2.84
2.88
3.10
2.98
2.87
2.96
3.03
3.12
3.15
3.04
3.12
3.07
3.12
3.16
3.21
3.19
3.18
3.36
3.39
3.52
3.58
3.43
3.48
3.35
3.42
3.26
3.25
3.49
3.40
3.45
3.56
5-yr max
9.11
8.39
9.27
9.06
10.55
10.27
10.22
11.61
11.18
12.09
5.46
9.95
9.44
9.18
9.04
8.09
7.82
8.08
7.62
7.37
7.60
8.32
8.68
8.85
8.29
7.44
7.37
7.15
7.62
8.18
8.58
7.60
7.31
7.60
7.64
8.50
8.40
8.19
7.72
7.67
7.50
7.34
7.34
8.10
8.57
9.20
9.21
8.89
21
Table 13. Greenwood, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
0.00
-0.02
-0.08
-0.10
-0.28
-0.22
-0.28
-0.05
-0.05
-0.15
-0.15
-0.30
-0.15
-0.35
-0.40
-0.28
-0.27
-0.26
-0.29
-0.18
-0.20
-0.18
-0.20
-0.25
-0.24
-0.17
-0.18
-0.20
-0.20
-0.18
-0.32
-0.29
-0.30
-0.30
-0.28
-0.28
-0.28
-0.32
-0.21
-0.15
-0.12
-0.16
-0.18
-0.17
1998
-0.27
-0.14
-0.11
-0.12
-0.06
-0.03
-0.10
-0.19
-0.26
-0.02
-0.04
-0.12
0.04
-0.08
0.01
-0.18
-0.06
-0.16
-0.05
-0.16
-0.09
-0.31
-0.14
-0.24
-0.26
-0.14
-0.30
-0.36
-0.28
-0.54
-0.59
-0.64
-0.79
-0.53
-0.86
-0.46
-0.28
-0.42
-0.28
-0.23
-0.20
-0.26
-0.27
1999
-0.23
-0.22
-0.19
-0.24
-0.25
-0.33
-0.30
-0.40
-0.38
-0.38
-0.36
-0.35
-0.35
-0.33
-0.37
-0.42
-0.39
-0.36
-0.38
-0.34
-0.33
-0.32
-0.40
-0.44
-0.58
-0.56
-0.59
-0.60
-0.57
-0.57
-0.70
-0.70
-0.70
-0.70
-0.69
-0.68
-0.68
-0.60
-0.50
-0.50
-0.48
-0.58
-0.51
-0.50
-0.50
-0.48
2000
-0.45
-0.50
-0.50
-0.50
-0.48
-0.46
-0.46
-0.47
-0.55
-0.55
-0.54
-0.51
-0.45
-0.42
-0.42
-0.38
-0.50
-0.51
-0.46
-0.50
-0.50
-0.48
-0.37
-0.25
-0.33
-0.28
-0.27
-0.27
-0.27
-0.27
-0.27
-0.16
-0.32
-0.32
-0.32
-0.32
-0.29
-0.27
-0.25
-0.20
-0.21
-0.20
-0.15
-0.15
-0.16
-0.16
-0.16
2001
-0.16
-0.16
-0.16
-0.18
-0.18
-0.18
-0.20
-0.17
-0.27
-0.26
-0.26
-0.24
-0.25
-0.22
-0.22
-0.22
-0.30
-0.29
-0.25
-0.22
-0.25
-0.25
-0.25
-0.25
-0.30
-0.30
-0.28
-0.26
-0.20
-0.17
-0.15
-0.17
-0.26
-0.26
-0.27
-0.22
-0.19
-0.16
-0.16
-0.15
-0.15
-0.14
-0.14
-0.10
-0.16
-0.10
-0.05
-0.05
2002
-0.04
-0.04
-0.04
-0.10
-0.10
-0.10
-0.10
-0.10
-0.13
-0.13
-0.13
-0.10
-0.08
-0.13
-0.13
-0.13
-0.21
-0.19
-0.19
-0.09
-0.08
-0.09
-0.09
-0.07
-0.02
-0.06
-0.06
-0.08
-0.07
-0.07
-0.07
0.07
-0.07
-0.08
-0.08
-0.09
-0.08
-0.06
-0.06
-0.07
0.03
-0.03
-0.03
-0.03
0.07
0.07
0.07
0.07
2003
0.07
0.07
0.07
0.09
0.07
0.07
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.01
0.10
-0.02
-0.20
-0.21
-0.17
-0.17
-0.17
-0.17
-0.28
-0.25
-0.24
-0.25
-0.31
-0.31
-0.25
-0.21
-0.28
-0.28
-0.28
-0.28
-0.25
-0.25
-0.20
-0.20
-0.20
-0.20
-0.20
-0.26
-0.23
-0.23
-0.23
-0.18
2004
0.01
-0.24
-0.27
-0.25
-0.27
-0.22
-0.22
-0.23
-0.22
-0.22
-0.21
-0.27
-0.22
-0.28
-0.28
-0.29
-0.35
-0.35
-0.17
-0.18
-0.14
-0.07
-0.33
-0.29
-0.25
-0.18
-0.21
-0.28
-0.22
-0.22
-0.22
-0.22
-0.33
-0.33
-0.33
-0.42
-0.33
-0.33
-0.33
-0.33
-0.33
-0.30
-0.20
-0.26
-0.20
-0.20
-0.20
-0.17
2005
-0.15
-0.15
-0.15
-0.15
-0.15
-0.10
-0.14
-0.23
-0.27
-0.32
-0.35
-0.35
-0.38
-0.37
-0.38
-0.41
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.32
-0.33
-0.34
-0.31
-0.30
-0.31
-0.31
-0.29
-0.29
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.28
-0.28
-0.28
-0.23
-0.25
-0.22
-0.22
-0.20
2006
-0.22
-0.22
-0.21
-0.21
-0.21
-0.21
-0.21
-0.21
-0.26
-0.26
-0.26
-0.25
-0.26
-0.26
-0.22
-0.22
-0.30
-0.30
-0.30
-0.30
-0.32
-0.30
-0.30
-0.24
-0.32
-0.22
-0.22
-0.22
-0.22
-0.22
-0.22
-0.22
-0.37
-0.35
-0.35
-0.35
-0.33
-0.33
-0.33
-0.33
-0.33
-0.33
-0.33
-0.33
-0.43
-0.43
-0.43
-0.40
2007
-0.40
-0.40
-0.36
-0.34
-0.34
-0.34
-0.34
-0.34
-0.32
-0.26
-0.26
-0.25
-0.25
-0.25
-0.25
-0.15
-0.25
-0.25
-0.25
-0.35
-0.35
-0.35
-0.35
-0.45
-0.52
-0.44
-0.44
-0.45
-0.45
-0.45
-0.45
-0.58
-0.65
-0.70
-0.69
-0.70
-0.67
-0.67
-0.58
-0.55
-0.55
-0.53
-0.53
-0.62
-0.63
-0.55
-0.55
2008
-0.55
-0.55
-0.54
-0.55
-0.55
-0.67
-0.63
-0.65
-0.65
-0.83
-0.60
-0.52
-0.56
-0.70
-0.54
-0.83
-0.60
-0.59
-0.60
-0.54
-0.60
-0.62
-0.70
-0.83
-1.04
-1.01
-1.01
-0.85
-0.80
-0.70
-0.65
-0.71
-0.90
-0.90
-0.90
-0.89
-0.90
-0.90
-0.85
-0.80
-0.80
-0.70
-0.62
-0.80
-0.80
-0.79
-0.85
2009
-0.79
-0.75
-0.69
-0.68
-0.65
-0.65
-0.57
-0.62
-0.65
-0.58
-0.60
-0.60
-0.29
-0.54
-0.50
-0.51
-0.60
-0.48
-0.60
-0.59
-0.65
-0.65
-0.65
-0.65
-0.55
-0.55
-0.55
-0.66
-0.60
-0.60
-0.65
-0.65
-0.80
-0.80
-0.80
-0.79
-0.79
-0.79
-0.75
-0.75
-0.75
-0.75
-0.75
-0.74
-0.90
-0.90
-0.90
-0.83
2010
-0.78
-0.88
-0.88
-0.88
-0.83
-0.80
-0.80
-0.80
-0.91
-0.91
-0.91
-0.91
-0.87
-0.87
-0.87
-0.82
-0.97
-1.10
-1.13
-1.13
-1.12
-1.20
-1.30
-1.30
-1.45
-1.38
-1.34
-1.46
-1.65
-1.65
-1.65
-1.60
-1.40
-1.40
-1.30
-1.05
2011
5-yr avg
-0.42
-0.41
-0.39
-0.39
-0.38
-0.39
-0.38
-0.41
-0.46
-0.46
-0.37
-0.41
-0.34
-0.40
-0.41
-0.39
-0.44
-0.39
-0.41
-0.41
-0.43
-0.44
-0.44
-0.45
-0.50
-0.53
-0.51
-0.53
-0.49
-0.48
-0.46
-0.45
-0.55
-0.60
-0.61
-0.61
-0.60
-0.60
-0.59
-0.56
-0.54
-0.54
-0.52
-0.49
-0.60
-0.60
-0.58
-0.57
5-yr min
-0.79
-0.75
-0.69
-0.68
-0.65
-0.67
-0.63
-0.65
-0.65
-0.83
-0.60
-0.60
-0.52
-0.56
-0.70
-0.54
-0.83
-0.60
-0.60
-0.60
-0.65
-0.65
-0.65
-0.70
-0.83
-1.04
-1.01
-1.01
-0.85
-0.80
-0.70
-0.65
-0.80
-0.90
-0.90
-0.90
-0.89
-0.90
-0.90
-0.85
-0.80
-0.80
-0.75
-0.74
-0.90
-0.90
-0.90
-0.85
5-yr max
-0.15
-0.15
-0.15
-0.15
-0.15
-0.10
-0.14
-0.21
-0.26
-0.26
-0.26
-0.25
-0.25
-0.25
-0.22
-0.22
-0.15
-0.25
-0.25
-0.25
-0.30
-0.30
-0.30
-0.24
-0.32
-0.22
-0.22
-0.22
-0.22
-0.22
-0.22
-0.22
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.28
-0.28
-0.28
-0.23
-0.25
-0.22
-0.22
-0.20
22
Figure 7. Greenwood, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.00
-0.20
-0.40
-0.60
Basis ($/bu)
-0.80
-1.00
-1.20
-1.40
5-yr avg
5-yr min
-1.60
5-yr max
2010
-1.80
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
23
Table 14.Hastings, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
1998
1999
2000
2001
2002
2003
2004
3.99
3.88
3.85
3.86
3.72
3.76
3.70
3.80
3.64
3.50
3.88
3.96
4.03
4.06
3.81
3.79
4.02
3.72
3.67
3.69
3.70
3.59
3.66
3.60
3.50
3.57
3.52
3.48
3.33
3.07
3.14
3.20
3.17
3.41
3.33
3.10
3.21
3.15
3.28
3.23
3.29
3.35
3.23
3.09
3.25
3.20
2005
3.27
3.28
3.20
3.08
3.09
3.17
3.14
3.30
3.33
3.42
3.46
3.28
3.05
3.02
3.08
3.19
3.04
3.08
3.29
3.17
3.06
3.11
3.25
3.29
3.32
3.19
3.26
3.22
3.26
3.29
3.34
3.31
3.30
3.47
3.51
3.53
3.70
3.55
3.60
3.45
3.58
3.44
3.37
3.64
3.54
3.58
3.68
2006
3.78
3.75
3.75
3.95
4.03
4.34
4.25
4.34
4.38
4.42
4.12
4.05
4.26
4.51
4.40
4.17
4.24
4.56
4.91
4.86
4.68
4.64
4.44
4.59
4.82
4.69
4.78
4.63
4.62
4.47
4.25
4.40
4.49
4.24
4.49
4.63
4.72
5.01
4.98
4.98
4.94
4.85
4.91
5.01
4.86
4.81
4.74
4.87
2007
4.56
4.56
4.70
4.69
4.67
4.64
4.66
4.91
4.82
4.79
4.57
4.64
4.46
4.61
4.87
4.86
4.65
4.54
4.67
4.74
4.94
5.77
5.64
5.77
5.67
5.70
5.64
5.98
5.91
6.17
6.08
6.52
7.33
7.69
7.78
8.61
8.52
8.30
7.83
7.72
7.61
7.59
7.57
8.22
8.95
9.58
9.51
9.19
2008
9.40
8.69
9.56
9.36
10.95
10.79
10.69
12.03
11.59
12.68
10.09
10.32
9.73
9.52
9.51
8.40
8.17
8.43
7.96
7.72
7.89
8.67
9.05
9.17
8.57
7.93
7.90
7.68
8.01
8.58
8.92
7.98
7.61
7.11
6.81
7.12
6.16
5.85
5.38
5.16
5.18
5.38
5.08
5.26
4.61
4.87
5.43
5.66
2009
5.88
5.88
5.49
5.60
5.48
5.35
5.18
5.19
5.20
5.36
5.69
5.26
5.57
5.36
5.36
5.46
5.71
6.01
6.07
6.44
6.53
6.07
5.87
5.60
5.34
5.16
5.24
5.10
4.89
4.63
4.54
4.64
4.61
4.14
4.15
4.23
4.29
4.29
4.57
4.70
4.66
4.84
5.10
4.95
4.96
4.61
4.49
4.74
2010
4.98
4.65
4.41
4.33
4.26
4.39
4.31
4.34
4.35
4.16
4.22
4.04
4.01
4.16
4.27
4.32
4.39
4.12
4.02
4.01
3.79
3.65
3.88
3.87
4.03
4.55
4.99
5.11
6.45
5.90
5.70
5.56
5.94
6.40
6.44
6.11
2011
5-yr avg
5.38
5.23
5.34
5.34
5.64
5.66
5.58
5.95
5.86
6.13
5.59
5.51
5.41
5.40
5.44
5.22
5.69
5.32
5.34
5.41
5.44
5.64
5.62
5.68
5.54
5.36
5.35
5.33
5.33
5.42
5.42
5.38
5.47
5.30
5.34
5.62
5.44
5.43
5.26
5.23
5.17
5.25
5.22
5.36
5.40
5.48
5.55
5.63
5-yr min
3.27
3.28
3.20
3.08
3.09
3.17
3.14
3.30
3.33
3.42
3.46
3.28
3.05
3.02
3.08
3.19
4.24
3.04
3.08
3.29
3.17
3.06
3.11
3.25
3.29
3.32
3.19
3.26
3.22
3.26
3.29
3.34
3.31
3.30
3.47
3.51
3.53
3.70
3.55
3.60
3.45
3.58
3.44
3.37
3.64
3.54
3.58
3.68
5-yr max
9.40
8.69
9.56
9.36
10.95
10.79
10.69
12.03
11.59
12.68
10.09
10.32
9.73
9.52
9.51
8.40
8.17
8.43
7.96
7.72
7.89
8.67
9.05
9.17
8.57
7.93
7.90
7.68
8.01
8.58
8.92
7.98
7.61
7.69
7.78
8.61
8.52
8.30
7.83
7.72
7.61
7.59
7.57
8.22
8.95
9.58
9.51
9.19
24
Table 15.Hastings, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
1998
1999
2000
2001
2002
2003
2004
0.14
-0.10
-0.12
-0.11
-0.12
-0.12
-0.12
-0.13
-0.11
-0.11
-0.10
-0.13
-0.07
-0.13
-0.13
-0.12
-0.19
-0.21
-0.03
0.00
0.03
0.09
-0.10
-0.06
-0.12
-0.12
-0.12
-0.07
-0.10
-0.10
-0.10
-0.22
-0.22
-0.22
-0.22
-0.23
-0.23
-0.22
-0.22
-0.22
-0.22
-0.22
-0.22
-0.16
-0.16
-0.15
2005
-0.16
-0.15
-0.15
-0.15
-0.15
-0.16
-0.15
-0.15
-0.15
-0.16
-0.20
-0.21
-0.20
-0.20
-0.20
-0.20
-0.10
-0.10
-0.11
-0.11
-0.11
-0.15
-0.10
-0.16
-0.17
-0.16
-0.16
-0.16
-0.17
-0.16
-0.16
-0.18
-0.18
-0.19
-0.18
-0.29
-0.18
-0.18
-0.18
-0.18
-0.12
-0.10
-0.11
-0.10
-0.08
-0.09
-0.08
2006
-0.08
-0.08
-0.08
-0.01
0.00
0.00
-0.01
0.00
-0.02
-0.02
-0.02
-0.04
-0.05
-0.06
-0.05
-0.05
-0.15
-0.16
-0.15
-0.13
-0.16
-0.20
-0.20
-0.29
-0.36
-0.24
-0.25
-0.23
-0.23
-0.22
-0.22
-0.22
-0.35
-0.35
-0.35
-0.33
-0.33
-0.32
-0.32
-0.32
-0.30
-0.30
-0.21
-0.20
-0.28
-0.29
-0.34
-0.25
2007
-0.25
-0.25
-0.25
-0.25
-0.21
-0.20
-0.20
-0.21
-0.23
-0.23
-0.23
-0.23
-0.23
-0.24
-0.23
-0.18
-0.08
-0.18
-0.12
-0.18
-0.19
-0.23
-0.24
-0.23
-0.37
-0.51
-0.43
-0.44
-0.44
-0.43
-0.43
-0.45
-0.56
-0.56
-0.56
-0.58
-0.58
-0.56
-0.56
-0.53
-0.44
-0.30
-0.30
-0.41
-0.24
-0.25
-0.25
-0.25
2008
-0.26
-0.25
-0.25
-0.25
-0.15
-0.15
-0.16
-0.23
-0.24
-0.24
-0.23
-0.23
-0.23
-0.22
-0.23
-0.23
-0.48
-0.25
-0.25
-0.25
-0.25
-0.25
-0.25
-0.38
-0.55
-0.55
-0.48
-0.48
-0.46
-0.40
-0.36
-0.27
-0.39
-0.53
-0.53
-0.53
-0.52
-0.53
-0.50
-0.48
-0.45
-0.40
-0.40
-0.32
-0.52
-0.47
-0.47
-0.50
2009
-0.45
-0.45
-0.45
-0.44
-0.42
-0.40
-0.32
-0.35
-0.40
-0.38
-0.37
-0.34
-0.09
-0.34
-0.34
-0.35
-0.43
-0.31
-0.40
-0.36
-0.37
-0.38
-0.32
-0.32
-0.30
-0.36
-0.36
-0.52
-0.45
-0.46
-0.45
-0.45
-0.38
-0.60
-0.59
-0.61
-0.41
-0.61
-0.61
-0.61
-0.52
-0.51
-0.51
-0.52
-0.66
-0.66
-0.66
-0.55
2010
-0.52
-0.62
-0.63
-0.62
-0.63
-0.62
-0.63
-0.63
-0.73
-0.74
-0.73
-0.73
-0.69
-0.70
-0.70
-0.72
-0.81
-0.85
-0.91
-0.92
-0.93
-0.98
-1.08
-1.07
-1.07
-1.07
-1.07
-1.19
-1.35
-1.35
-1.35
-1.35
-1.38
-1.20
-1.07
-0.87
2011
5-yr avg
-0.24
-0.24
-0.24
-0.22
-0.19
-0.18
-0.17
-0.19
-0.21
-0.21
-0.21
-0.21
-0.16
-0.21
-0.21
-0.20
-0.28
-0.20
-0.20
-0.21
-0.22
-0.23
-0.23
-0.26
-0.35
-0.37
-0.34
-0.37
-0.35
-0.34
-0.32
-0.31
-0.37
-0.44
-0.44
-0.45
-0.43
-0.44
-0.43
-0.42
-0.38
-0.33
-0.30
-0.31
-0.36
-0.35
-0.36
-0.33
5-yr min
-0.45
-0.45
-0.45
-0.44
-0.42
-0.40
-0.32
-0.35
-0.40
-0.38
-0.37
-0.34
-0.23
-0.34
-0.34
-0.35
-0.48
-0.31
-0.40
-0.36
-0.37
-0.38
-0.32
-0.38
-0.55
-0.55
-0.48
-0.52
-0.46
-0.46
-0.45
-0.45
-0.56
-0.60
-0.59
-0.61
-0.58
-0.61
-0.61
-0.61
-0.52
-0.51
-0.51
-0.52
-0.66
-0.66
-0.66
-0.55
5-yr max
-0.08
-0.08
-0.08
-0.01
0.00
0.00
-0.01
0.00
-0.02
-0.02
-0.02
-0.04
-0.05
-0.06
-0.05
-0.05
-0.08
-0.10
-0.10
-0.11
-0.11
-0.11
-0.15
-0.10
-0.16
-0.17
-0.16
-0.16
-0.16
-0.17
-0.16
-0.16
-0.18
-0.18
-0.19
-0.18
-0.29
-0.18
-0.18
-0.18
-0.18
-0.12
-0.10
-0.11
-0.10
-0.08
-0.09
-0.08
25
Figure 8. Hastings, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.00
-0.20
-0.40
Basis ($/bu)
-0.60
-0.80
-1.00
-1.20
5-yr avg
5-yr min
-1.40
5-yr max
2010
-1.60
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
26
Table 16. Holdrege, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
4.05
4.03
4.02
1998
3.00
3.26
4.05
4.09
4.05
4.00
4.00
3.99
4.15
4.12
3.83
4.16
4.53
4.38
4.26
4.17
4.05
3.90
3.77
3.63
3.28
3.28
3.34
3.16
3.11
3.15
3.15
3.03
3.02
3.02
2.89
2.92
2.87
3.02
2.96
2.94
2.82
3.10
2.90
2.95
3.27
3.32
3.38
3.28
3.40
2.70
3.35
3.27
2.54
2.48
2.47
2.34
2.34
2.34
2.23
2.21
2.22
2.30
2.38
3.24
3.23
3.17
3.06
3.00
3.07
3.21
3.05
2.63
2.66
2.74
2.80
2.77
2.74
2.76
1999
2.90
2.83
2.78
2.77
2.72
2.64
2.51
2.36
2.48
2.63
2.59
2.65
2.58
2.50
2.50
2.36
2.42
2.31
2.28
2.40
2.50
2.40
2.40
2.36
2.25
2.20
2.30
2.42
2.30
2.39
2.31
2.36
2.35
2.29
2.25
2.11
2.10
2.12
2.12
2.20
2.14
2.18
2.35
2.22
2.25
2.37
2.37
2000
2.39
2.51
2.51
2.48
2.39
2.58
2.49
2.45
2.33
2.44
2.46
2.32
2.37
2.34
2.38
2.30
2.49
2.53
2.49
2.57
2.52
2.55
2.53
2.76
2.52
2.57
2.47
2.47
2.42
2.40
2.35
2.55
2.58
2.62
2.53
2.70
2.80
2.90
2.74
2.71
2.87
2.83
2.79
2.86
2.84
2.82
2.91
2.89
2001
3.05
3.10
3.05
3.03
2.91
2.86
2.84
2.84
2.90
2.92
2.87
2.75
2.81
2.84
2.88
3.03
2.93
2.90
2.97
2.85
2.88
2.84
2.77
2.64
2.75
2.88
2.85
2.79
2.69
2.70
2.64
2.70
2.63
2.61
2.65
2.53
2.44
2.51
2.61
2.68
2.68
2.62
2.58
2.65
2.68
2.64
2.69
2.73
2002
2.78
2.78
2.83
2.76
2.76
2.74
2.78
2.69
2.72
2.69
2.66
2.72
2.84
2.70
2.79
2.63
2.64
2.66
2.65
2.73
2.91
3.01
3.01
3.12
3.21
3.33
3.46
3.51
3.58
3.61
3.76
3.82
4.33
4.51
4.46
4.54
4.58
4.53
4.68
4.52
4.45
4.27
4.06
4.15
3.83
3.81
3.83
3.68
2003
3.56
3.56
3.38
3.46
3.56
3.52
3.58
3.38
3.50
3.36
3.30
3.23
3.20
3.20
3.16
3.21
3.09
3.23
3.47
3.28
3.13
3.21
2.88
2.75
2.76
2.67
2.81
2.93
3.13
3.37
3.28
3.26
3.28
3.14
3.02
3.24
3.25
2.98
3.01
3.34
3.38
3.65
3.41
3.62
3.82
3.63
3.71
3.50
2004
3.82
3.72
3.69
3.71
3.56
3.60
3.53
3.63
3.43
3.29
3.72
3.80
3.86
3.88
3.63
3.60
3.86
3.56
3.50
3.55
3.56
3.43
3.45
3.38
3.30
3.41
3.35
3.20
3.16
2.90
2.97
3.00
3.04
3.01
3.30
3.13
2.98
3.09
3.01
3.13
3.07
3.19
3.23
3.10
2.95
3.17
3.11
3.14
2005
3.18
3.21
3.12
3.00
3.00
3.08
3.04
3.20
3.25
3.31
3.39
3.20
2.90
2.88
2.94
3.04
2.89
2.86
2.98
3.14
2.98
2.87
2.98
3.07
3.15
3.18
3.04
3.11
3.08
3.15
3.21
3.25
3.21
3.20
3.37
3.40
3.51
3.57
3.41
3.47
3.31
3.39
3.28
3.21
3.49
3.38
3.42
3.52
2006
3.60
3.61
3.60
3.71
3.82
4.13
4.05
4.10
4.06
4.14
3.84
3.80
4.01
4.27
4.15
3.99
4.06
4.39
4.73
4.66
4.51
4.52
4.32
4.61
4.86
4.60
4.70
4.50
4.49
4.36
4.14
4.32
4.44
4.19
4.44
4.61
4.72
4.98
4.95
4.92
4.86
4.77
4.76
4.85
4.70
4.66
4.64
4.68
2007
4.37
4.37
4.51
4.50
4.48
4.44
4.46
4.76
4.59
4.64
4.42
4.57
4.39
4.60
4.85
4.79
4.58
4.47
4.54
4.67
4.77
5.64
5.52
5.62
5.51
5.58
5.50
5.85
5.78
6.03
5.89
6.35
7.18
7.54
7.63
8.49
8.39
8.18
7.71
7.57
7.40
7.31
7.46
8.30
8.85
9.48
9.41
9.09
2008
9.31
8.59
9.44
9.23
10.78
10.62
10.53
11.86
11.43
12.47
9.87
10.10
9.51
9.25
9.24
8.14
7.92
8.18
7.72
7.42
7.55
8.32
8.65
8.93
8.32
7.74
7.69
7.46
7.77
8.39
8.69
7.75
7.47
6.86
6.56
6.87
5.91
5.60
5.20
5.01
5.00
5.23
4.95
5.09
4.50
4.71
5.31
5.51
2009
5.74
5.73
5.35
5.43
5.30
5.15
5.03
4.99
4.97
5.23
5.53
5.07
5.43
5.22
5.21
5.30
5.55
5.85
5.94
6.28
6.37
5.87
5.61
5.43
5.09
4.89
4.96
4.84
4.62
4.41
4.31
4.45
4.19
3.89
3.89
4.04
3.90
4.10
4.38
4.51
4.44
4.64
4.90
4.80
4.79
4.44
4.32
4.53
2010
4.77
4.44
4.21
4.12
4.06
4.21
4.14
4.24
4.24
4.06
4.11
3.93
3.86
4.02
4.13
4.20
4.15
3.92
3.83
3.78
3.54
3.35
3.61
3.55
3.75
4.32
4.71
4.83
6.22
5.67
5.47
5.43
5.76
6.20
6.11
5.84
2011
5-yr avg
5.24
5.10
5.20
5.17
5.48
5.48
5.42
5.78
5.66
5.96
5.41
5.35
5.25
5.24
5.28
5.05
5.00
5.15
5.18
5.23
5.24
5.44
5.42
5.53
5.39
5.20
5.18
5.15
5.15
5.27
5.25
5.22
5.30
5.14
5.18
5.48
5.29
5.29
5.13
5.10
5.00
5.07
5.07
5.25
5.27
5.33
5.42
5.47
5-yr min
3.18
3.21
3.12
3.00
3.00
3.08
3.04
3.20
3.25
3.31
3.39
3.20
2.90
2.88
2.94
3.04
2.89
2.86
2.98
3.14
2.98
2.87
2.98
3.07
3.15
3.18
3.04
3.11
3.08
3.15
3.21
3.25
3.21
3.20
3.37
3.40
3.51
3.57
3.41
3.47
3.31
3.39
3.28
3.21
3.49
3.38
3.42
3.52
5-yr max
9.31
8.59
9.44
9.23
10.78
10.62
10.53
11.86
11.43
12.47
9.87
10.10
9.51
9.25
9.24
8.14
7.92
8.18
7.72
7.42
7.55
8.32
8.65
8.93
8.32
7.74
7.69
7.46
7.77
8.39
8.69
7.75
7.47
7.54
7.63
8.49
8.39
8.18
7.71
7.57
7.40
7.31
7.46
8.30
8.85
9.48
9.41
9.09
27
Table 17. Holdrege, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
0.00
-0.08
-0.15
1998
-0.44
-0.18
-0.09
-0.11
-0.17
-0.19
-0.08
-0.10
-0.08
-0.17
-0.22
-0.20
-0.29
-0.30
-0.24
-0.17
-0.14
-0.17
-0.06
-0.14
-0.23
-0.18
-0.05
-0.23
-0.37
-0.44
-0.30
-0.30
-0.31
-0.17
-0.35
-0.26
-0.45
-0.22
-0.27
-0.17
-0.25
-0.35
-0.44
-0.39
-0.17
-0.35
-0.38
-0.38
-0.39
-0.41
-0.49
-0.53
-0.38
-0.40
-0.27
-0.43
-0.45
-0.35
-0.59
-0.65
-0.70
-0.81
-0.89
-0.53
-0.56
-0.51
-0.51
-0.52
-0.57
-0.39
-0.38
-0.65
-0.61
-0.52
-0.40
-0.37
-0.41
-0.42
1999
-0.31
-0.32
-0.28
-0.32
-0.33
-0.34
-0.38
-0.35
-0.45
-0.43
-0.44
-0.45
-0.46
-0.45
-0.42
-0.48
-0.50
-0.50
-0.49
-0.49
-0.43
-0.41
-0.40
-0.47
-0.45
-0.47
-0.45
-0.54
-0.57
-0.57
-0.57
-0.70
-0.70
-0.69
-0.69
-0.68
-0.66
-0.66
-0.65
-0.62
-0.59
-0.49
-0.41
-0.46
-0.43
-0.40
-0.39
2000
-0.36
-0.39
-0.42
-0.43
-0.42
-0.43
-0.44
-0.41
-0.53
-0.49
-0.50
-0.48
-0.43
-0.47
-0.42
-0.41
-0.51
-0.51
-0.46
-0.50
-0.46
-0.44
-0.43
-0.37
-0.44
-0.38
-0.36
-0.35
-0.35
-0.33
-0.43
-0.28
-0.46
-0.40
-0.41
-0.41
-0.36
-0.37
-0.35
-0.34
-0.26
-0.27
-0.28
-0.23
-0.35
-0.32
-0.34
-0.34
2001
-0.27
-0.28
-0.27
-0.25
-0.26
-0.26
-0.28
-0.24
-0.33
-0.34
-0.33
-0.30
-0.28
-0.29
-0.30
-0.26
-0.37
-0.37
-0.38
-0.32
-0.29
-0.29
-0.29
-0.26
-0.32
-0.33
-0.32
-0.33
-0.32
-0.31
-0.32
-0.32
-0.41
-0.42
-0.28
-0.42
-0.43
-0.38
-0.30
-0.28
-0.28
-0.30
-0.26
-0.15
-0.20
-0.19
-0.15
-0.12
2002
-0.11
-0.12
-0.13
-0.17
-0.10
-0.11
-0.08
-0.08
-0.16
-0.16
-0.18
-0.18
-0.13
-0.10
-0.11
-0.12
-0.17
-0.18
-0.19
-0.12
-0.12
-0.13
-0.11
-0.13
-0.12
-0.15
-0.14
-0.15
-0.16
-0.16
-0.15
0.01
-0.12
-0.12
-0.13
-0.11
-0.10
-0.10
-0.11
-0.13
-0.06
-0.12
-0.13
-0.15
-0.05
-0.06
-0.06
-0.07
2003
-0.07
-0.08
-0.08
0.01
-0.03
-0.04
0.00
-0.01
0.07
0.05
0.05
0.02
0.02
-0.01
-0.04
-0.04
0.12
0.07
-0.04
-0.05
-0.06
-0.11
-0.24
-0.27
-0.31
-0.38
-0.40
-0.40
-0.40
-0.37
-0.38
-0.31
-0.38
-0.38
-0.39
-0.35
-0.36
-0.36
-0.37
-0.32
-0.33
-0.28
-0.28
-0.32
-0.26
-0.26
-0.26
-0.21
2004
-0.03
-0.26
-0.28
-0.26
-0.28
-0.28
-0.29
-0.30
-0.32
-0.32
-0.26
-0.29
-0.24
-0.31
-0.31
-0.31
-0.35
-0.37
-0.20
-0.14
-0.11
-0.07
-0.31
-0.28
-0.32
-0.28
-0.29
-0.35
-0.27
-0.27
-0.27
-0.27
-0.38
-0.38
-0.33
-0.42
-0.35
-0.35
-0.36
-0.37
-0.38
-0.32
-0.34
-0.35
-0.30
-0.24
-0.24
-0.29
2005
-0.25
-0.22
-0.23
-0.23
-0.24
-0.25
-0.25
-0.25
-0.23
-0.27
-0.27
-0.29
-0.35
-0.34
-0.34
-0.35
-0.27
-0.28
-0.20
-0.26
-0.30
-0.30
-0.28
-0.28
-0.30
-0.31
-0.31
-0.31
-0.30
-0.28
-0.24
-0.25
-0.28
-0.28
-0.29
-0.29
-0.31
-0.31
-0.32
-0.31
-0.32
-0.31
-0.26
-0.27
-0.25
-0.24
-0.25
-0.24
2006
-0.26
-0.22
-0.23
-0.25
-0.21
-0.21
-0.21
-0.24
-0.34
-0.30
-0.30
-0.29
-0.30
-0.30
-0.30
-0.23
-0.33
-0.33
-0.33
-0.33
-0.33
-0.32
-0.32
-0.28
-0.32
-0.34
-0.33
-0.36
-0.36
-0.33
-0.33
-0.30
-0.40
-0.40
-0.40
-0.35
-0.33
-0.35
-0.35
-0.38
-0.38
-0.38
-0.36
-0.36
-0.44
-0.44
-0.44
-0.44
2007
-0.44
-0.44
-0.44
-0.44
-0.40
-0.40
-0.40
-0.36
-0.46
-0.38
-0.38
-0.30
-0.30
-0.25
-0.25
-0.25
-0.15
-0.25
-0.25
-0.25
-0.36
-0.36
-0.36
-0.38
-0.53
-0.63
-0.57
-0.57
-0.57
-0.57
-0.62
-0.62
-0.71
-0.71
-0.71
-0.70
-0.71
-0.68
-0.68
-0.68
-0.65
-0.58
-0.41
-0.33
-0.34
-0.35
-0.35
-0.35
2008
-0.35
-0.35
-0.37
-0.38
-0.32
-0.32
-0.32
-0.40
-0.40
-0.45
-0.45
-0.45
-0.45
-0.49
-0.50
-0.49
-0.73
-0.50
-0.49
-0.55
-0.59
-0.60
-0.65
-0.62
-0.80
-0.74
-0.69
-0.69
-0.70
-0.59
-0.59
-0.50
-0.53
-0.78
-0.78
-0.78
-0.77
-0.78
-0.68
-0.63
-0.63
-0.55
-0.53
-0.49
-0.63
-0.63
-0.59
-0.65
2009
-0.59
-0.60
-0.59
-0.60
-0.60
-0.60
-0.47
-0.55
-0.63
-0.51
-0.53
-0.53
-0.23
-0.48
-0.49
-0.51
-0.59
-0.47
-0.53
-0.52
-0.53
-0.58
-0.58
-0.49
-0.55
-0.63
-0.64
-0.78
-0.72
-0.68
-0.68
-0.64
-0.80
-0.85
-0.85
-0.80
-0.80
-0.80
-0.80
-0.80
-0.74
-0.71
-0.71
-0.67
-0.83
-0.83
-0.83
-0.76
2010
-0.73
-0.83
-0.83
-0.83
-0.83
-0.80
-0.80
-0.73
-0.84
-0.84
-0.84
-0.84
-0.84
-0.84
-0.84
-0.85
-1.05
-1.05
-1.10
-1.15
-1.18
-1.28
-1.35
-1.39
-1.35
-1.30
-1.35
-1.46
-1.58
-1.58
-1.58
-1.48
-1.56
-1.40
-1.40
-1.14
2011
5-yr avg
-0.38
-0.37
-0.37
-0.38
-0.35
-0.36
-0.33
-0.36
-0.41
-0.38
-0.39
-0.37
-0.33
-0.37
-0.38
-0.37
-0.41
-0.37
-0.36
-0.38
-0.42
-0.43
-0.44
-0.41
-0.50
-0.53
-0.51
-0.54
-0.53
-0.49
-0.49
-0.46
-0.54
-0.60
-0.61
-0.58
-0.58
-0.58
-0.57
-0.56
-0.54
-0.51
-0.45
-0.42
-0.50
-0.50
-0.49
-0.49
5-yr min
-0.59
-0.60
-0.59
-0.60
-0.60
-0.60
-0.47
-0.55
-0.63
-0.51
-0.53
-0.53
-0.45
-0.49
-0.50
-0.51
-0.73
-0.50
-0.53
-0.55
-0.59
-0.60
-0.65
-0.62
-0.80
-0.74
-0.69
-0.78
-0.72
-0.68
-0.68
-0.64
-0.80
-0.85
-0.85
-0.80
-0.80
-0.80
-0.80
-0.80
-0.74
-0.71
-0.71
-0.67
-0.83
-0.83
-0.83
-0.76
5-yr max
-0.25
-0.22
-0.23
-0.23
-0.21
-0.21
-0.21
-0.24
-0.23
-0.27
-0.27
-0.29
-0.23
-0.25
-0.25
-0.23
-0.15
-0.25
-0.20
-0.25
-0.30
-0.30
-0.28
-0.28
-0.30
-0.31
-0.31
-0.31
-0.30
-0.28
-0.24
-0.25
-0.28
-0.28
-0.29
-0.29
-0.31
-0.31
-0.32
-0.31
-0.32
-0.31
-0.26
-0.27
-0.25
-0.24
-0.25
-0.24
28
Figure 9. Holdrege, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.00
-0.20
-0.40
-0.60
Basis ($/bu)
-0.80
-1.00
-1.20
-1.40
-1.60
5-yr avg
5-yr min
5-yr max
2010
-1.80
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
29
Table 18. Imperial, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
1998
1999
2000
2001
2002
2003
2004
3.58
3.56
3.47
3.52
3.47
3.41
3.27
3.68
3.72
3.75
3.77
3.52
3.51
3.48
3.46
3.45
3.48
3.38
3.38
3.28
3.20
3.25
3.12
3.00
2.76
2.83
2.92
2.94
3.19
3.12
2.91
3.03
2.96
3.09
3.06
3.15
3.21
3.06
2.93
3.09
2005
3.08
3.09
3.01
2.92
2.95
2.97
3.16
3.14
3.18
3.22
3.04
2.83
2.86
2.95
3.06
2.92
2.91
3.14
3.02
2.91
2.99
2.97
3.04
3.08
3.00
2.95
2.99
3.03
3.12
3.11
3.10
3.27
3.29
3.28
3.47
3.32
3.37
3.23
3.32
3.18
3.16
3.42
3.30
3.36
3.46
2006
3.50
3.48
3.48
3.61
3.68
3.99
3.90
3.96
3.95
3.99
3.69
3.64
3.91
4.16
4.05
3.82
3.93
4.26
4.61
4.54
4.38
4.39
4.19
4.39
4.67
4.53
4.62
4.40
4.39
4.24
4.02
4.17
4.34
4.09
4.34
4.45
4.54
4.86
4.83
4.83
4.77
4.68
4.64
4.74
4.56
4.52
4.52
4.56
2007
4.25
4.26
4.40
4.42
4.38
4.35
4.37
4.62
4.62
4.59
4.37
4.44
4.36
4.51
4.77
4.75
4.54
4.43
4.49
4.61
4.78
5.55
5.37
5.50
5.34
5.41
5.37
5.71
5.64
5.80
5.71
6.17
6.90
7.31
7.40
8.25
8.16
7.92
7.45
7.36
7.15
7.09
7.13
7.93
8.50
9.13
9.06
8.74
2008
8.95
8.24
9.11
8.91
10.40
10.24
10.14
11.56
11.12
12.21
9.62
9.85
9.26
9.05
9.04
8.03
7.82
8.08
7.61
7.39
7.52
8.22
8.50
8.75
8.14
7.50
7.40
7.18
7.49
8.05
8.35
7.32
7.03
6.48
6.53
5.57
5.33
4.88
4.69
4.86
5.01
4.71
4.86
4.28
4.49
5.05
5.26
2009
5.53
5.53
5.14
5.23
5.10
4.97
4.80
4.81
4.83
4.99
5.29
4.83
4.93
4.93
5.07
5.34
5.64
5.67
6.01
6.10
5.64
5.39
5.12
4.74
4.56
4.59
4.55
4.34
4.08
3.99
4.08
3.83
3.57
3.58
3.68
3.53
3.74
4.14
4.27
4.13
4.33
4.62
4.47
4.52
4.17
4.05
4.21
2010
4.48
4.12
3.91
3.83
3.76
3.89
3.83
3.86
3.92
3.74
3.80
3.62
3.60
3.75
3.86
3.90
3.94
3.70
3.63
3.61
3.36
3.17
3.50
3.49
3.54
4.06
4.50
4.57
6.00
5.45
5.25
5.31
5.59
5.87
5.77
5.54
2011
5-yr avg
5.06
4.92
5.03
5.02
5.30
5.89
5.24
5.62
5.53
5.79
5.24
5.16
5.09
5.10
5.15
4.95
4.91
5.06
5.60
5.14
5.16
5.34
5.29
5.35
5.19
5.02
5.50
4.97
4.96
5.03
5.02
4.97
5.04
4.91
4.65
5.24
5.02
5.06
4.92
4.90
4.83
4.89
4.86
5.03
5.06
5.12
5.21
5.25
5-yr min
3.08
3.09
3.01
2.92
2.95
3.99
2.97
3.16
3.14
3.18
3.22
3.04
2.83
2.86
2.95
3.06
2.92
2.91
4.49
3.14
3.02
2.91
2.99
2.97
3.04
3.08
4.59
3.00
2.95
2.99
3.03
3.12
3.11
3.10
3.27
3.29
3.28
3.47
3.32
3.37
3.23
3.32
3.18
3.16
3.42
3.30
3.36
3.46
5-yr max
8.95
8.24
9.11
8.91
10.40
10.24
10.14
11.56
11.12
12.21
9.62
9.85
9.26
9.05
9.04
8.03
7.82
8.08
7.61
7.39
7.52
8.22
8.50
8.75
8.14
7.50
7.40
7.18
7.49
8.05
8.35
7.32
7.03
7.31
7.40
8.25
8.16
7.92
7.45
7.36
7.15
7.09
7.13
7.93
8.50
9.13
9.06
8.74
30
Table 19. Imperial, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
1998
1999
2000
2001
2002
2003
2004
-0.40
-0.41
-0.37
-0.36
-0.35
-0.34
-0.34
-0.30
-0.37
-0.35
-0.42
-0.42
-0.40
-0.45
-0.24
-0.24
-0.19
-0.12
-0.38
-0.38
-0.42
-0.44
-0.43
-0.43
-0.41
-0.41
-0.50
-0.45
-0.44
-0.43
-0.42
-0.41
-0.41
-0.41
-0.39
-0.36
-0.36
-0.39
-0.32
-0.34
2005
-0.35
-0.34
-0.34
-0.31
-0.29
-0.32
-0.29
-0.34
-0.40
-0.44
-0.45
-0.42
-0.36
-0.33
-0.33
-0.24
-0.23
-0.26
-0.26
-0.26
-0.27
-0.38
-0.41
-0.41
-0.42
-0.43
-0.44
-0.42
-0.38
-0.38
-0.38
-0.39
-0.40
-0.54
-0.41
-0.41
-0.41
-0.40
-0.38
-0.36
-0.32
-0.32
-0.32
-0.31
-0.30
2006
-0.36
-0.35
-0.35
-0.35
-0.35
-0.35
-0.36
-0.38
-0.45
-0.45
-0.45
-0.45
-0.40
-0.41
-0.40
-0.40
-0.46
-0.46
-0.45
-0.45
-0.46
-0.45
-0.45
-0.49
-0.52
-0.40
-0.41
-0.46
-0.46
-0.45
-0.45
-0.45
-0.50
-0.50
-0.50
-0.51
-0.51
-0.47
-0.47
-0.47
-0.47
-0.47
-0.48
-0.47
-0.58
-0.58
-0.56
-0.56
2007
-0.56
-0.55
-0.55
-0.52
-0.50
-0.49
-0.49
-0.50
-0.43
-0.43
-0.43
-0.43
-0.33
-0.34
-0.33
-0.29
-0.19
-0.29
-0.30
-0.31
-0.35
-0.45
-0.51
-0.50
-0.70
-0.80
-0.70
-0.71
-0.71
-0.80
-0.80
-0.80
-0.99
-0.94
-0.94
-0.94
-0.94
-0.94
-0.94
-0.89
-0.90
-0.80
-0.74
-0.70
-0.69
-0.70
-0.70
-0.70
2008
-0.71
-0.70
-0.70
-0.70
-0.70
-0.70
-0.71
-0.70
-0.71
-0.71
-0.70
-0.70
-0.70
-0.69
-0.70
-0.60
-0.83
-0.60
-0.60
-0.59
-0.62
-0.70
-0.80
-0.80
-0.98
-0.98
-0.98
-0.98
-0.98
-0.93
-0.93
-0.93
-0.97
-1.16
-1.12
-1.11
-1.05
-1.00
-0.95
-0.77
-0.77
-0.77
-0.72
-0.85
-0.85
-0.85
-0.90
2009
-0.80
-0.80
-0.80
-0.80
-0.80
-0.78
-0.70
-0.73
-0.77
-0.75
-0.77
-0.77
-0.77
-0.77
-0.73
-0.80
-0.68
-0.80
-0.79
-0.80
-0.81
-0.80
-0.80
-0.90
-0.96
-1.01
-1.07
-1.00
-1.01
-1.00
-1.01
-1.16
-1.17
-1.16
-1.16
-1.17
-1.16
-1.04
-1.04
-1.05
-1.02
-0.99
-1.00
-1.10
-1.10
-1.10
-1.08
2010
-1.02
-1.15
-1.13
-1.12
-1.13
-1.12
-1.11
-1.11
-1.16
-1.16
-1.15
-1.15
-1.10
-1.11
-1.11
-1.15
-1.26
-1.27
-1.30
-1.32
-1.36
-1.46
-1.46
-1.45
-1.56
-1.56
-1.56
-1.73
-1.80
-1.80
-1.80
-1.60
-1.73
-1.73
-1.74
-1.44
2011
5-yr avg
-0.56
-0.55
-0.55
-0.54
-0.53
-0.58
-0.52
-0.52
-0.54
-0.55
-0.56
-0.56
-0.46
-0.51
-0.51
-0.47
-0.50
-0.45
-0.54
-0.48
-0.50
-0.53
-0.57
-0.59
-0.70
-0.71
-0.77
-0.73
-0.72
-0.73
-0.72
-0.71
-0.80
-0.83
-0.75
-0.83
-0.85
-0.81
-0.77
-0.75
-0.72
-0.69
-0.67
-0.64
-0.71
-0.71
-0.70
-0.71
5-yr min
-0.80
-0.80
-0.80
-0.80
-0.80
-0.78
-0.71
-0.73
-0.77
-0.75
-0.77
-0.77
-0.70
-0.77
-0.77
-0.73
-0.83
-0.68
-0.80
-0.79
-0.80
-0.81
-0.80
-0.80
-0.98
-0.98
-1.01
-1.07
-1.00
-1.01
-1.00
-1.01
-1.16
-1.17
-1.16
-1.16
-1.17
-1.16
-1.04
-1.04
-1.05
-1.02
-0.99
-1.00
-1.10
-1.10
-1.10
-1.08
5-yr max
-0.35
-0.34
-0.34
-0.31
-0.29
-0.35
-0.32
-0.29
-0.34
-0.40
-0.43
-0.43
-0.33
-0.34
-0.33
-0.29
-0.19
-0.23
-0.30
-0.26
-0.26
-0.26
-0.27
-0.38
-0.41
-0.40
-0.41
-0.42
-0.43
-0.44
-0.42
-0.38
-0.38
-0.38
-0.39
-0.40
-0.51
-0.41
-0.41
-0.41
-0.40
-0.38
-0.36
-0.32
-0.32
-0.32
-0.31
-0.30
31
Figure 10. Imperial, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.00
-0.20
-0.40
-0.60
Basis ($/bu)
-0.80
-1.00
-1.20
-1.40
-1.60
5-yr avg
5-yr min
-1.80
5-yr max
2010
-2.00
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
32
Table 20.Kimball, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
3.94
4.00
4.00
4.06
4.05
4.10
4.02
4.06
4.07
4.21
4.17
3.90
4.21
4.50
4.27
4.25
4.15
3.80
3.70
3.50
3.35
3.13
2.98
3.17
3.32
3.33
3.23
3.36
3.38
3.33
3.27
3.49
3.14
3.29
3.28
3.30
3.23
3.16
3.14
3.23
3.15
3.03
1998
2.93
3.06
3.07
3.14
3.17
3.12
3.05
3.07
3.09
3.23
3.14
3.02
3.07
2.95
3.00
2.92
3.05
2.94
2.97
2.81
2.74
2.64
2.69
2.45
2.38
2.34
2.23
2.21
2.19
2.08
2.07
2.11
2.16
2.35
2.27
2.58
2.63
2.61
2.67
2.69
2.60
2.52
2.58
1999
2.77
2.67
2.62
2.62
2.57
2.50
2.36
2.23
2.35
2.53
2.50
2.62
2.57
2.49
2.50
2.37
2.40
2.29
2.26
2.35
2.40
2.28
2.27
2.20
2.02
1.89
2.00
2.16
2.07
2.16
2.10
2.14
2.18
2.14
2.14
2.00
1.98
2.01
2.02
2.08
2.01
1.98
1.98
1.90
1.93
2.03
2.05
2000
2.07
2.14
2.19
2.17
2.07
2.27
2.21
2.14
2.05
2.15
2.18
2.04
2.05
2.06
2.05
2.00
2.16
2.20
2.18
2.27
2.22
2.23
2.20
2.41
2.31
2.35
2.20
2.19
2.17
2.16
2.21
2.35
2.37
2.39
2.35
2.58
2.68
2.82
2.69
2.68
2.78
2.76
2.78
2.84
2.81
2.74
2.89
2.87
2001
2.97
3.05
2.97
2.95
2.84
2.81
2.82
2.82
2.90
2.91
2.87
2.75
2.75
2.82
2.85
2.98
2.89
2.84
2.95
2.82
2.79
2.75
2.67
2.55
2.61
2.77
2.73
2.70
2.63
2.63
2.60
2.68
2.61
2.66
2.61
2.68
2.63
2.65
2.67
2.76
2.77
2.74
2.66
2.66
2.72
2.67
2.70
2.70
2002
2.74
2.76
2.83
2.75
2.70
2.70
2.71
2.67
2.71
2.69
2.68
2.71
2.83
2.66
2.72
2.59
2.58
2.62
2.63
2.68
2.90
3.01
2.97
3.07
3.25
3.40
3.46
3.52
3.60
3.63
3.77
3.80
4.33
4.53
4.49
4.56
4.60
4.55
4.71
4.56
4.47
4.32
4.12
4.23
3.92
3.91
3.93
3.79
2003
3.67
3.68
3.50
3.53
3.67
3.64
3.66
3.49
3.55
3.40
3.34
3.30
3.27
3.30
3.29
3.34
3.15
3.31
3.61
3.29
3.04
3.12
2.82
2.72
2.60
2.53
2.64
2.78
3.01
3.22
3.14
3.09
3.11
2.97
2.91
3.09
3.13
2.87
2.91
3.22
3.29
3.53
3.30
3.55
3.69
3.52
3.60
3.41
2004
3.72
3.62
3.57
3.57
3.51
3.58
3.53
3.64
3.47
3.30
3.68
3.72
3.75
3.76
3.51
3.54
3.80
3.52
3.47
3.46
3.46
3.34
3.34
3.24
3.18
3.23
3.25
3.08
3.03
2.82
2.91
2.97
3.04
3.01
3.25
3.11
3.03
3.14
3.07
3.20
3.17
3.26
3.32
3.19
3.05
3.23
3.25
3.30
2005
3.31
3.33
3.28
3.11
3.12
3.21
3.10
3.26
3.23
3.33
3.36
3.21
2.98
3.02
3.08
3.19
3.06
3.04
3.10
3.30
3.18
2.87
2.96
3.05
3.03
3.11
2.93
3.01
3.01
3.06
3.08
3.13
3.13
3.12
3.24
3.27
3.38
3.44
3.29
3.34
3.21
3.30
3.14
3.13
3.40
3.32
3.37
3.46
2006
3.54
3.51
3.41
3.64
3.68
3.92
3.84
3.87
3.87
3.91
3.62
3.68
3.94
4.20
4.08
3.85
3.95
4.28
4.56
4.49
4.34
4.34
4.17
4.55
4.91
4.64
4.68
4.46
4.45
4.32
4.17
4.34
4.48
4.27
4.52
4.64
4.72
4.93
4.90
4.90
4.82
4.75
4.72
4.81
4.67
4.63
4.68
4.72
2007
4.46
4.46
4.60
4.64
4.58
4.59
4.61
4.87
4.75
4.72
4.55
4.62
4.49
4.65
4.90
4.84
4.63
4.52
4.49
4.67
4.83
5.55
5.43
5.47
5.39
5.41
5.37
5.70
5.63
5.85
5.76
6.20
6.84
7.20
7.29
8.15
8.05
7.86
7.44
7.30
7.15
7.09
7.12
7.88
8.50
9.13
9.11
8.79
2008
9.01
8.29
9.07
8.89
10.45
10.29
10.27
11.66
11.23
12.32
9.72
9.95
9.36
9.15
9.14
8.04
7.82
8.16
7.70
7.47
7.60
8.22
8.50
8.75
8.14
7.50
7.45
7.23
7.54
8.05
8.35
7.32
7.03
6.48
6.53
5.57
5.33
4.88
4.69
4.86
5.01
4.71
4.86
4.28
4.49
5.05
5.26
2009
5.53
5.53
5.14
5.23
5.10
4.97
4.80
4.81
4.83
4.99
5.29
4.83
4.93
4.93
5.07
5.34
5.64
5.67
6.01
6.10
5.64
5.39
5.12
4.74
4.51
4.56
4.52
4.31
4.05
3.96
4.05
3.80
3.54
3.55
3.67
3.52
3.73
4.13
4.26
4.12
4.32
4.62
4.47
4.52
4.17
4.05
4.21
2010
4.48
4.12
3.91
3.83
3.76
3.89
3.83
3.86
3.92
3.74
3.80
3.62
3.60
3.75
3.86
3.90
3.94
3.70
3.63
3.61
3.36
3.17
3.50
3.49
3.54
4.06
4.50
4.47
5.90
5.40
5.20
5.31
5.59
5.87
5.77
5.54
2011
5-yr avg
5.17
5.02
5.10
5.10
5.39
5.40
5.32
5.69
5.58
5.85
5.31
5.26
5.19
5.19
5.23
5.00
4.96
5.13
5.10
5.19
5.21
5.32
5.29
5.39
5.24
5.03
5.00
4.98
4.99
5.07
5.06
5.01
5.06
4.92
4.65
5.25
5.05
5.06
4.93
4.90
4.83
4.89
4.86
5.03
5.07
5.15
5.25
5.29
5-yr min
3.31
3.33
3.28
3.11
3.12
3.21
3.10
3.26
3.23
3.33
3.36
3.21
2.98
3.02
3.08
3.19
3.06
3.04
3.10
3.30
3.18
2.87
2.96
3.05
3.03
3.11
2.93
3.01
3.01
3.06
3.08
3.13
3.13
3.12
3.24
3.27
3.38
3.44
3.29
3.34
3.21
3.30
3.14
3.13
3.40
3.32
3.37
3.46
5-yr max
9.01
8.29
9.07
8.89
10.45
10.29
10.27
11.66
11.23
12.32
9.72
9.95
9.36
9.15
9.14
8.04
7.82
8.16
7.70
7.47
7.60
8.22
8.50
8.75
8.14
7.50
7.45
7.23
7.54
8.05
8.35
7.32
7.03
7.20
7.29
8.15
8.05
7.86
7.44
7.30
7.15
7.09
7.12
7.88
8.50
9.13
9.11
8.79
33
Table 21.Kimball, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
-0.11
-0.11
-0.17
-0.08
-0.15
-0.12
-0.17
-0.02
-0.02
-0.02
-0.12
-0.15
-0.15
-0.32
-0.41
-0.25
-0.19
-0.03
-0.07
-0.06
-0.10
-0.21
-0.36
-0.27
-0.35
-0.43
-0.43
-0.43
-0.56
-0.51
-0.53
-0.30
-0.50
-0.51
-0.49
-0.48
-0.45
-0.41
-0.38
-0.41
-0.45
-0.40
1998
-0.51
-0.38
-0.43
-0.37
-0.29
-0.27
-0.34
-0.41
-0.50
-0.22
-0.19
-0.31
-0.12
-0.29
-0.17
-0.40
-0.19
-0.29
-0.14
-0.26
-0.24
-0.47
-0.32
-0.47
-0.50
-0.40
-0.54
-0.58
-0.50
-0.74
-0.79
-0.81
-0.95
-0.67
-1.00
-0.70
-0.56
-0.66
-0.59
-0.51
-0.54
-0.63
-0.60
1999
-0.44
-0.48
-0.44
-0.47
-0.48
-0.48
-0.53
-0.48
-0.58
-0.53
-0.53
-0.48
-0.47
-0.46
-0.42
-0.46
-0.52
-0.52
-0.51
-0.54
-0.53
-0.53
-0.53
-0.63
-0.68
-0.78
-0.75
-0.80
-0.80
-0.80
-0.78
-0.92
-0.87
-0.84
-0.81
-0.79
-0.78
-0.77
-0.75
-0.74
-0.72
-0.69
-0.78
-0.78
-0.75
-0.74
-0.71
2000
-0.68
-0.76
-0.74
-0.74
-0.74
-0.74
-0.72
-0.72
-0.81
-0.78
-0.78
-0.76
-0.75
-0.75
-0.75
-0.71
-0.84
-0.84
-0.77
-0.80
-0.76
-0.76
-0.76
-0.72
-0.65
-0.60
-0.63
-0.63
-0.60
-0.57
-0.57
-0.48
-0.67
-0.63
-0.59
-0.53
-0.48
-0.45
-0.40
-0.37
-0.35
-0.34
-0.29
-0.25
-0.38
-0.40
-0.36
-0.36
2001
-0.35
-0.33
-0.35
-0.33
-0.33
-0.31
-0.30
-0.26
-0.33
-0.35
-0.33
-0.30
-0.34
-0.31
-0.33
-0.31
-0.41
-0.43
-0.40
-0.36
-0.38
-0.38
-0.39
-0.35
-0.46
-0.44
-0.44
-0.42
-0.38
-0.38
-0.36
-0.34
-0.43
-0.37
-0.32
-0.27
-0.24
-0.24
-0.24
-0.20
-0.19
-0.18
-0.18
-0.14
-0.16
-0.16
-0.14
-0.15
2002
-0.15
-0.14
-0.13
-0.18
-0.16
-0.15
-0.15
-0.10
-0.17
-0.16
-0.16
-0.19
-0.14
-0.14
-0.18
-0.16
-0.23
-0.22
-0.21
-0.16
-0.13
-0.13
-0.15
-0.18
-0.08
-0.08
-0.14
-0.14
-0.14
-0.14
-0.14
-0.01
-0.12
-0.10
-0.10
-0.09
-0.08
-0.08
-0.08
-0.10
-0.04
-0.07
-0.07
-0.07
0.04
0.04
0.04
0.04
2003
0.04
0.04
0.04
0.07
0.08
0.08
0.08
0.10
0.12
0.09
0.09
0.09
0.09
0.09
0.09
0.09
0.18
0.15
0.10
-0.04
-0.15
-0.20
-0.30
-0.30
-0.47
-0.52
-0.57
-0.55
-0.52
-0.52
-0.52
-0.48
-0.55
-0.55
-0.50
-0.50
-0.48
-0.47
-0.47
-0.44
-0.42
-0.40
-0.39
-0.39
-0.39
-0.37
-0.37
-0.30
2004
-0.13
-0.36
-0.40
-0.40
-0.33
-0.30
-0.29
-0.29
-0.28
-0.31
-0.30
-0.37
-0.35
-0.43
-0.43
-0.37
-0.41
-0.41
-0.23
-0.23
-0.21
-0.16
-0.42
-0.42
-0.44
-0.46
-0.39
-0.47
-0.40
-0.35
-0.33
-0.30
-0.38
-0.38
-0.38
-0.44
-0.30
-0.30
-0.30
-0.30
-0.28
-0.25
-0.25
-0.26
-0.20
-0.18
-0.10
-0.13
2005
-0.12
-0.10
-0.07
-0.12
-0.12
-0.12
-0.19
-0.19
-0.25
-0.25
-0.30
-0.28
-0.27
-0.20
-0.20
-0.20
-0.10
-0.10
-0.08
-0.10
-0.10
-0.30
-0.30
-0.30
-0.42
-0.38
-0.42
-0.41
-0.37
-0.37
-0.37
-0.37
-0.36
-0.36
-0.42
-0.42
-0.44
-0.44
-0.44
-0.44
-0.42
-0.40
-0.40
-0.35
-0.34
-0.30
-0.30
-0.30
2006
-0.32
-0.32
-0.42
-0.32
-0.35
-0.42
-0.42
-0.47
-0.53
-0.53
-0.52
-0.41
-0.37
-0.37
-0.37
-0.37
-0.44
-0.44
-0.50
-0.50
-0.50
-0.50
-0.47
-0.33
-0.27
-0.30
-0.35
-0.40
-0.40
-0.37
-0.30
-0.28
-0.36
-0.32
-0.32
-0.32
-0.33
-0.40
-0.40
-0.40
-0.42
-0.40
-0.40
-0.40
-0.47
-0.47
-0.40
-0.40
2007
-0.35
-0.35
-0.35
-0.30
-0.30
-0.25
-0.25
-0.25
-0.30
-0.30
-0.25
-0.25
-0.20
-0.20
-0.20
-0.20
-0.10
-0.20
-0.30
-0.25
-0.30
-0.45
-0.45
-0.53
-0.65
-0.80
-0.70
-0.72
-0.72
-0.75
-0.75
-0.77
-1.05
-1.05
-1.05
-1.04
-1.05
-1.00
-0.95
-0.95
-0.90
-0.80
-0.75
-0.75
-0.69
-0.70
-0.65
-0.65
2008
-0.65
-0.65
-0.74
-0.72
-0.65
-0.65
-0.58
-0.60
-0.60
-0.60
-0.60
-0.60
-0.60
-0.59
-0.60
-0.59
-0.83
-0.52
-0.51
-0.51
-0.54
-0.70
-0.80
-0.80
-0.98
-0.98
-0.93
-0.93
-0.93
-0.93
-0.93
-0.93
-0.97
-1.16
-1.12
-1.11
-1.05
-1.00
-0.95
-0.77
-0.77
-0.77
-0.72
-0.85
-0.85
-0.85
-0.90
2009
-0.80
-0.80
-0.80
-0.80
-0.80
-0.78
-0.70
-0.73
-0.77
-0.75
-0.77
-0.77
-0.77
-0.77
-0.73
-0.80
-0.68
-0.80
-0.79
-0.80
-0.81
-0.80
-0.80
-0.90
-1.01
-1.04
-1.10
-1.03
-1.04
-1.03
-1.04
-1.19
-1.20
-1.19
-1.17
-1.18
-1.17
-1.05
-1.05
-1.06
-1.03
-0.99
-1.00
-1.10
-1.10
-1.10
-1.08
2010
-1.02
-1.15
-1.13
-1.12
-1.13
-1.12
-1.11
-1.11
-1.16
-1.16
-1.15
-1.15
-1.10
-1.11
-1.11
-1.15
-1.26
-1.27
-1.30
-1.32
-1.36
-1.46
-1.46
-1.45
-1.56
-1.56
-1.56
-1.83
-1.90
-1.85
-1.85
-1.60
-1.73
-1.73
-1.74
-1.44
2011
5-yr avg
-0.45
-0.44
-0.48
-0.45
-0.44
-0.44
-0.43
-0.45
-0.49
-0.49
-0.49
-0.46
-0.36
-0.43
-0.43
-0.42
-0.45
-0.39
-0.44
-0.43
-0.45
-0.55
-0.56
-0.55
-0.65
-0.69
-0.69
-0.71
-0.69
-0.69
-0.68
-0.68
-0.79
-0.82
-0.75
-0.81
-0.82
-0.81
-0.77
-0.76
-0.71
-0.68
-0.66
-0.64
-0.69
-0.68
-0.66
-0.67
5-yr min
-0.80
-0.80
-0.80
-0.80
-0.80
-0.78
-0.70
-0.73
-0.77
-0.75
-0.77
-0.77
-0.60
-0.77
-0.77
-0.73
-0.83
-0.68
-0.80
-0.79
-0.80
-0.81
-0.80
-0.80
-0.98
-1.01
-1.04
-1.10
-1.03
-1.04
-1.03
-1.04
-1.19
-1.20
-1.19
-1.17
-1.18
-1.17
-1.05
-1.05
-1.06
-1.03
-0.99
-1.00
-1.10
-1.10
-1.10
-1.08
5-yr max
-0.12
-0.10
-0.07
-0.12
-0.12
-0.12
-0.19
-0.19
-0.25
-0.25
-0.25
-0.25
-0.20
-0.20
-0.20
-0.20
-0.10
-0.10
-0.08
-0.10
-0.10
-0.30
-0.30
-0.30
-0.27
-0.30
-0.35
-0.40
-0.37
-0.37
-0.30
-0.28
-0.36
-0.32
-0.32
-0.32
-0.33
-0.40
-0.40
-0.40
-0.42
-0.40
-0.40
-0.35
-0.34
-0.30
-0.30
-0.30
34
Figure 11. Kimball, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.00
-0.20
-0.40
-0.60
Basis ($/bu)
-0.80
-1.00
-1.20
-1.40
-1.60
-1.80
5-yr avg
5-yr min
5-yr max
2010
-2.00
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
35
Table 22.Lexington, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
4.10
4.06
4.06
4.04
4.05
3.97
3.91
3.96
3.98
4.10
4.13
3.87
4.15
4.55
4.36
4.32
4.18
4.11
3.92
3.79
3.64
3.31
3.17
2.98
3.06
3.22
3.54
3.42
3.31
3.44
3.43
3.39
3.31
3.28
3.15
3.30
3.26
3.24
3.12
3.01
2.97
3.02
3.20
3.33
1998
1999
2.95
3.21
3.28
3.26
3.35
3.36
3.31
3.27
3.27
3.29
3.38
3.25
3.16
3.04
3.06
3.06
3.17
3.04
3.03
2.91
2.85
2.82
2.86
2.64
2.59
2.59
2.48
2.32
2.35
2.23
2.19
2.20
2.24
2.41
2.32
2.53
2.54
2.68
2.86
2.85
3.00
2.93
2.90
2.82
2.83
2.84
2.75
2.56
2.41
2.53
2.66
2.64
2.71
2.65
2.57
2.54
2.44
2.57
2.47
2.45
2.55
2.65
2.59
2.52
2.49
2.32
2.20
2.29
2.35
2.27
2.38
2.45
2.37
2.35
2.27
2.28
1.98
1.96
2.37
2.35
2.26
2.30
2000
2.40
2.48
2.50
2.47
2.38
2.58
2.50
2.43
2.30
2.33
2.35
2.20
2.20
2.38
2.36
2.28
2.43
2.47
2.44
2.52
2.43
2.49
2.51
2.84
2.68
2.65
2.52
2.47
2.39
2.35
2.40
2.50
2.49
2.47
2.38
2.60
2.65
2.77
2.79
2.77
2.86
2.83
2.85
2.99
3.00
2.94
3.04
3.03
2001
3.09
3.13
3.08
3.06
2.94
2.90
2.91
2.89
2.94
2.96
2.90
2.79
2.84
2.88
2.96
3.06
2.96
2.95
3.03
2.92
2.99
2.89
2.91
2.76
2.84
2.97
2.90
2.84
2.73
2.74
2.76
2.79
2.69
2.68
2.58
2.57
2.57
2.59
2.60
2.66
2.74
2.72
2.64
2.66
2.66
2.61
2.70
2.71
2002
2.76
2.78
2.83
2.79
2.76
2.75
2.76
2.67
2.70
2.68
2.66
2.73
2.82
2.68
2.78
2.63
2.61
2.64
2.63
2.69
2.91
3.04
3.02
3.14
3.21
3.33
3.46
3.52
3.61
3.64
3.81
3.85
4.35
4.52
4.48
4.55
4.57
4.53
4.69
4.54
4.47
4.28
4.11
4.22
3.78
3.87
3.93
3.78
2003
3.67
3.67
3.49
3.52
3.63
3.59
3.62
3.47
3.53
3.40
3.34
3.31
3.33
3.36
3.34
3.39
3.27
3.40
3.74
3.47
3.33
3.46
3.26
2.74
2.71
2.68
2.84
2.96
3.16
3.38
3.30
3.21
3.04
2.93
3.10
3.30
3.04
3.38
3.51
3.49
3.74
3.88
3.69
3.77
3.56
2004
3.89
3.77
3.79
3.68
3.62
3.73
3.54
3.47
3.90
3.95
4.01
3.94
3.69
3.67
3.86
3.58
3.53
3.49
3.51
3.46
3.46
3.36
3.42
3.44
3.44
3.24
3.15
2.92
2.99
3.02
3.12
3.09
3.34
3.22
3.09
3.20
3.13
3.26
3.21
3.27
3.33
3.21
3.13
3.29
3.23
3.29
2005
3.31
3.31
3.23
3.11
3.12
3.21
3.22
3.34
3.38
3.44
3.41
3.27
3.00
2.97
3.03
3.14
2.98
2.96
3.00
3.18
3.06
2.95
3.04
3.07
3.15
3.19
3.05
3.13
3.12
3.15
3.24
3.23
3.22
3.40
3.43
3.56
3.62
3.47
3.52
3.36
3.44
3.28
3.21
3.44
3.36
3.56
3.66
2006
3.75
3.68
3.68
3.80
3.88
4.07
3.98
4.04
4.04
4.08
3.78
3.73
3.95
4.20
4.09
3.87
3.95
4.28
4.63
4.56
4.40
4.44
4.21
4.59
4.84
4.58
4.68
4.50
4.50
4.34
4.17
4.32
4.44
4.19
4.44
4.55
4.65
4.93
4.90
4.90
4.84
4.75
4.71
4.81
4.58
4.53
4.52
4.56
2007
4.25
4.25
4.42
4.38
4.31
4.28
4.30
4.55
4.41
4.38
4.15
4.23
4.39
4.50
5.12
4.89
4.77
4.47
4.54
4.63
4.76
5.60
5.47
5.60
5.47
5.59
5.55
5.84
5.77
6.02
5.91
6.37
7.19
7.55
7.54
8.43
8.40
8.16
7.70
7.55
7.35
7.19
7.17
7.93
8.49
9.15
9.26
8.95
2008
9.12
8.44
9.31
9.11
10.70
10.40
10.36
11.85
11.27
10.00
9.41
9.19
9.24
8.15
7.92
7.97
7.66
7.48
7.45
8.39
8.80
9.11
8.32
7.79
7.74
7.51
7.85
8.33
8.80
7.83
7.56
7.00
6.64
6.95
5.99
5.68
5.18
4.94
4.93
5.08
4.78
4.99
4.43
4.88
5.35
5.51
2009
5.71
5.73
5.35
5.43
5.30
5.15
4.98
5.02
4.95
5.16
5.46
5.00
5.31
5.10
5.10
5.30
5.53
5.84
5.94
6.28
6.37
5.92
5.64
5.42
5.01
4.87
4.96
4.85
4.62
4.36
4.27
4.36
4.09
3.84
3.79
3.89
3.74
4.00
4.28
4.41
4.27
4.45
4.71
4.57
4.56
4.21
4.12
4.30
2010
4.55
4.27
4.03
3.94
3.88
4.01
3.93
4.01
4.13
3.94
4.00
3.81
3.74
3.90
4.07
4.09
4.20
3.92
3.88
3.88
3.67
3.32
3.66
3.64
3.75
4.37
4.66
4.77
6.10
5.55
5.35
5.21
5.48
5.76
5.67
5.39
2011
5-yr avg
5.23
5.08
5.20
5.17
5.46
5.42
5.37
5.76
5.61
4.27
4.20
5.25
5.21
5.19
5.32
5.07
5.03
5.10
5.15
5.23
5.21
5.46
5.43
5.56
5.36
5.20
5.20
5.17
5.69
5.23
5.26
5.22
5.30
5.16
5.16
5.45
5.27
5.28
5.11
5.06
4.95
4.98
4.93
5.10
5.10
5.23
5.36
5.40
5-yr min
3.31
3.31
3.23
3.11
3.12
3.21
3.22
3.34
3.38
3.44
3.41
3.27
3.00
2.97
3.03
3.14
2.98
2.96
3.00
3.18
3.06
2.95
3.04
3.07
3.15
3.19
3.05
3.13
4.50
3.12
3.15
3.24
3.23
3.22
3.40
3.43
3.56
3.62
3.47
3.52
3.36
3.44
3.28
3.21
3.44
3.36
3.56
3.66
5-yr max
9.12
8.44
9.31
9.11
10.70
10.40
10.36
11.85
11.27
5.16
5.46
10.00
9.41
9.19
9.24
8.15
7.92
7.97
7.66
7.48
7.45
8.39
8.80
9.11
8.32
7.79
7.74
7.51
7.85
8.33
8.80
7.83
7.56
7.55
7.54
8.43
8.40
8.16
7.70
7.55
7.35
7.19
7.17
7.93
8.49
9.15
9.26
8.95
36
Table 23.Lexington, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
0.05
-0.05
-0.11
-0.10
-0.15
-0.25
-0.28
-0.12
-0.11
-0.13
-0.16
-0.18
-0.21
-0.27
-0.32
-0.18
-0.16
-0.08
-0.15
-0.04
-0.13
-0.25
-0.28
-0.36
-0.28
-0.22
-0.13
-0.34
-0.35
-0.35
-0.51
-0.45
-0.49
-0.51
-0.49
-0.50
-0.51
-0.54
-0.56
-0.56
-0.55
-0.62
-0.40
-0.10
1998
1999
-0.26
-0.23
-0.16
-0.24
-0.16
-0.10
-0.08
-0.12
-0.21
-0.30
-0.07
-0.08
-0.03
-0.20
-0.12
-0.26
-0.07
-0.19
-0.08
-0.16
-0.13
-0.29
-0.15
-0.28
-0.29
-0.15
-0.29
-0.47
-0.34
-0.59
-0.67
-0.72
-0.87
-0.61
-0.95
-0.75
-0.65
-0.59
-0.40
-0.35
-0.14
-0.22
-0.28
-0.24
-0.26
-0.21
-0.23
-0.33
-0.30
-0.40
-0.40
-0.39
-0.39
-0.39
-0.38
-0.38
-0.39
-0.35
-0.34
-0.32
-0.34
-0.28
-0.22
-0.28
-0.34
-0.38
-0.47
-0.47
-0.61
-0.60
-0.58
-0.43
-0.69
-0.70
-0.71
-0.66
-0.81
-0.80
-0.30
-0.41
-0.42
-0.38
2000
-0.35
-0.42
-0.43
-0.44
-0.43
-0.43
-0.43
-0.43
-0.56
-0.60
-0.61
-0.60
-0.60
-0.43
-0.44
-0.43
-0.57
-0.57
-0.51
-0.55
-0.55
-0.50
-0.45
-0.29
-0.28
-0.30
-0.31
-0.35
-0.38
-0.38
-0.38
-0.33
-0.55
-0.55
-0.56
-0.51
-0.51
-0.50
-0.30
-0.28
-0.27
-0.27
-0.22
-0.10
-0.19
-0.20
-0.21
-0.20
2001
-0.23
-0.25
-0.24
-0.22
-0.23
-0.22
-0.21
-0.19
-0.29
-0.30
-0.30
-0.26
-0.25
-0.25
-0.22
-0.23
-0.34
-0.32
-0.32
-0.26
-0.18
-0.24
-0.15
-0.14
-0.23
-0.24
-0.27
-0.28
-0.28
-0.27
-0.20
-0.22
-0.35
-0.35
-0.35
-0.38
-0.30
-0.30
-0.31
-0.30
-0.22
-0.20
-0.20
-0.14
-0.22
-0.22
-0.14
-0.14
2002
-0.13
-0.12
-0.13
-0.14
-0.10
-0.10
-0.10
-0.10
-0.18
-0.17
-0.18
-0.17
-0.15
-0.12
-0.12
-0.12
-0.20
-0.20
-0.21
-0.16
-0.12
-0.10
-0.10
-0.11
-0.12
-0.15
-0.14
-0.14
-0.13
-0.13
-0.10
0.04
-0.10
-0.11
-0.11
-0.10
-0.11
-0.10
-0.10
-0.11
-0.04
-0.11
-0.08
-0.08
-0.10
0.00
0.04
0.03
2003
0.04
0.03
0.03
0.06
0.04
0.03
0.04
0.08
0.10
0.09
0.09
0.10
0.15
0.15
0.14
0.14
0.30
0.24
0.23
0.14
0.14
0.14
0.14
-0.28
-0.36
-0.37
-0.37
-0.37
-0.37
-0.36
-0.36
-0.36
-0.48
-0.48
-0.49
-0.31
-0.30
-0.28
-0.20
-0.20
-0.20
-0.20
-0.20
-0.20
-0.15
2004
0.04
-0.20
-0.18
-0.20
-0.20
-0.20
-0.21
-0.14
-0.08
-0.14
-0.09
-0.25
-0.25
-0.24
-0.35
-0.35
-0.17
-0.20
-0.16
-0.04
-0.30
-0.30
-0.20
-0.25
-0.20
-0.31
-0.28
-0.25
-0.25
-0.25
-0.30
-0.30
-0.29
-0.33
-0.24
-0.24
-0.24
-0.24
-0.24
-0.24
-0.24
-0.24
-0.12
-0.12
-0.12
-0.14
2005
-0.12
-0.12
-0.12
-0.12
-0.12
-0.12
-0.07
-0.11
-0.10
-0.14
-0.25
-0.22
-0.25
-0.25
-0.25
-0.25
-0.18
-0.18
-0.18
-0.22
-0.22
-0.22
-0.22
-0.28
-0.30
-0.30
-0.30
-0.29
-0.31
-0.30
-0.26
-0.26
-0.26
-0.26
-0.26
-0.26
-0.26
-0.26
-0.26
-0.27
-0.26
-0.26
-0.27
-0.30
-0.26
-0.11
-0.10
2006
-0.11
-0.15
-0.15
-0.16
-0.15
-0.27
-0.28
-0.30
-0.36
-0.36
-0.36
-0.36
-0.36
-0.37
-0.36
-0.35
-0.44
-0.44
-0.43
-0.43
-0.44
-0.40
-0.43
-0.30
-0.35
-0.36
-0.35
-0.36
-0.35
-0.35
-0.30
-0.30
-0.40
-0.40
-0.40
-0.41
-0.40
-0.40
-0.40
-0.40
-0.40
-0.40
-0.41
-0.40
-0.56
-0.57
-0.56
-0.56
2007
-0.56
-0.56
-0.53
-0.56
-0.57
-0.56
-0.56
-0.57
-0.64
-0.64
-0.65
-0.64
-0.30
-0.35
0.02
-0.15
0.04
-0.25
-0.25
-0.29
-0.37
-0.40
-0.41
-0.40
-0.57
-0.62
-0.52
-0.58
-0.58
-0.58
-0.60
-0.60
-0.70
-0.70
-0.80
-0.76
-0.70
-0.70
-0.69
-0.70
-0.70
-0.70
-0.70
-0.70
-0.70
-0.68
-0.50
-0.49
2008
-0.54
-0.50
-0.50
-0.50
-0.40
-0.54
-0.49
-0.41
-0.56
-0.55
-0.55
-0.55
-0.50
-0.48
-0.73
-0.71
-0.55
-0.50
-0.69
-0.53
-0.50
-0.44
-0.80
-0.69
-0.64
-0.65
-0.62
-0.65
-0.48
-0.42
-0.44
-0.64
-0.70
-0.70
-0.69
-0.70
-0.70
-0.70
-0.70
-0.70
-0.70
-0.59
-0.70
-0.46
-0.55
-0.65
2009
-0.62
-0.60
-0.59
-0.60
-0.60
-0.60
-0.52
-0.52
-0.65
-0.58
-0.60
-0.60
-0.35
-0.60
-0.60
-0.51
-0.61
-0.48
-0.53
-0.52
-0.53
-0.53
-0.55
-0.50
-0.63
-0.65
-0.64
-0.77
-0.72
-0.73
-0.72
-0.73
-0.90
-0.90
-0.95
-0.95
-0.96
-0.90
-0.90
-0.90
-0.91
-0.90
-0.90
-0.90
-1.06
-1.06
-1.03
-0.99
2010
-0.95
-1.00
-1.01
-1.01
-1.01
-1.00
-1.01
-0.96
-0.95
-0.96
-0.95
-0.96
-0.96
-0.96
-0.90
-0.96
-1.00
-1.05
-1.05
-1.05
-1.05
-1.31
-1.30
-1.30
-1.35
-1.25
-1.40
-1.53
-1.70
-1.70
-1.70
-1.70
-1.84
-1.84
-1.84
-1.59
2011
5-yr avg
-0.39
-0.39
-0.38
-0.39
-0.37
-0.42
-0.38
-0.38
-0.46
-0.43
-0.47
-0.47
-0.36
-0.42
-0.34
-0.35
-0.38
-0.41
-0.39
-0.39
-0.45
-0.42
-0.42
-0.38
-0.53
-0.52
-0.49
-0.53
-0.57
-0.52
-0.48
-0.46
-0.54
-0.58
-0.62
-0.62
-0.60
-0.59
-0.59
-0.59
-0.60
-0.59
-0.59
-0.57
-0.66
-0.61
-0.55
-0.56
5-yr min
-0.62
-0.60
-0.59
-0.60
-0.60
-0.60
-0.56
-0.57
-0.65
-0.64
-0.65
-0.64
-0.55
-0.60
-0.60
-0.51
-0.73
-0.71
-0.55
-0.52
-0.69
-0.53
-0.55
-0.50
-0.80
-0.69
-0.64
-0.77
-0.72
-0.73
-0.72
-0.73
-0.90
-0.90
-0.95
-0.95
-0.96
-0.90
-0.90
-0.90
-0.91
-0.90
-0.90
-0.90
-1.06
-1.06
-1.03
-0.99
5-yr max
-0.11
-0.12
-0.12
-0.12
-0.12
-0.12
-0.07
-0.11
-0.10
-0.14
-0.25
-0.22
-0.25
-0.25
0.02
-0.15
0.04
-0.18
-0.18
-0.22
-0.22
-0.22
-0.22
-0.28
-0.30
-0.30
-0.30
-0.29
-0.35
-0.31
-0.30
-0.26
-0.26
-0.26
-0.26
-0.26
-0.26
-0.26
-0.26
-0.26
-0.27
-0.26
-0.26
-0.27
-0.30
-0.26
-0.11
-0.10
37
Figure 12. Lexington, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.50
0.00
Basis ($/bu)
-0.50
-1.00
-1.50
5-yr avg
5-yr min
5-yr max
2010
-2.00
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
38
Table 24.McCook, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
1998
1999
2000
2001
2002
2003
2004
3.61
3.59
3.51
3.56
3.52
3.46
3.32
3.72
3.74
3.77
3.79
3.54
3.53
3.50
3.48
3.47
3.51
3.39
3.39
3.29
3.22
3.27
3.13
3.01
2.77
2.84
2.91
2.98
3.22
3.15
2.94
3.06
2.99
3.12
3.10
3.19
3.25
3.10
2.97
3.12
2005
3.11
3.12
3.03
2.93
2.96
2.98
3.18
3.16
3.20
3.22
3.06
2.85
2.87
2.97
3.07
2.95
2.95
3.16
3.02
2.91
2.99
2.96
3.05
3.10
3.02
2.95
2.99
3.03
3.12
3.11
3.10
3.27
3.29
3.28
3.46
3.31
3.36
3.23
3.31
3.17
3.15
3.42
3.30
3.34
3.44
2006
3.50
3.48
3.48
3.61
3.68
3.99
3.87
3.96
3.93
3.97
3.70
3.67
3.93
4.18
4.07
3.84
3.93
4.26
4.61
4.54
4.38
4.39
4.19
4.42
4.67
4.53
4.62
4.40
4.39
4.24
4.02
4.17
4.34
4.09
4.34
4.45
4.54
4.86
4.83
4.83
4.77
4.68
4.64
4.74
4.59
4.55
4.54
4.58
2007
4.27
4.29
4.43
4.45
4.41
4.38
4.40
4.65
4.62
4.59
4.37
4.44
4.36
4.54
4.80
4.78
4.57
4.46
4.52
4.64
4.81
5.55
5.40
5.50
5.34
5.46
5.42
5.76
5.69
5.84
5.75
6.21
6.94
7.35
7.44
8.29
8.20
7.96
7.49
7.40
7.19
7.13
7.17
7.98
8.55
9.18
9.11
8.79
2008
9.00
8.29
9.16
8.96
10.45
10.29
10.19
11.61
11.17
12.26
9.67
9.90
9.31
9.10
9.09
8.08
7.87
8.13
7.66
7.44
7.57
8.22
8.50
8.75
8.14
7.44
7.47
7.25
7.56
8.09
8.44
7.41
7.12
6.57
6.27
6.62
5.66
5.43
4.98
4.79
4.96
5.01
4.81
4.91
4.33
4.54
5.10
5.31
2009
5.58
5.58
5.19
5.28
5.15
5.02
4.85
4.86
4.88
5.04
5.34
4.88
5.19
4.98
4.98
5.11
5.38
5.68
5.71
6.05
6.14
5.68
5.43
5.16
4.78
4.65
4.68
4.60
4.38
4.12
4.03
4.12
3.87
3.61
3.62
3.72
3.57
3.78
4.18
4.31
4.17
4.37
4.66
4.51
4.56
4.21
4.09
4.25
2010
4.49
4.16
3.95
3.87
3.80
3.93
3.89
3.92
3.98
3.80
3.86
3.68
3.66
3.81
3.92
3.96
3.96
3.70
3.63
3.61
3.36
3.17
3.50
3.49
3.54
4.06
4.50
4.57
6.00
5.45
5.25
5.31
5.59
5.87
5.77
5.54
2011
5-yr avg
5.09
4.95
5.06
5.05
5.33
5.92
5.26
5.65
5.55
5.81
5.26
5.19
5.13
5.13
5.18
4.98
4.94
5.10
5.63
5.17
5.18
5.35
5.30
5.36
5.20
5.04
5.55
5.01
4.99
5.06
5.05
5.01
5.08
4.94
4.99
5.27
5.05
5.10
4.96
4.94
4.86
4.90
4.89
5.06
5.09
5.16
5.24
5.27
5-yr min
3.11
3.12
3.03
2.93
2.96
3.99
2.98
3.18
3.16
3.20
3.22
3.06
2.85
2.87
2.97
3.07
2.95
2.95
4.52
3.16
3.02
2.91
2.99
2.96
3.05
3.10
4.62
3.02
2.95
2.99
3.03
3.12
3.11
3.10
3.27
3.29
3.28
3.46
3.31
3.36
3.23
3.31
3.17
3.15
3.42
3.30
3.34
3.44
5-yr max
9.00
8.29
9.16
8.96
10.45
10.29
10.19
11.61
11.17
12.26
9.67
9.90
9.31
9.10
9.09
8.08
7.87
8.13
7.66
7.44
7.57
8.22
8.50
8.75
8.14
7.44
7.47
7.25
7.56
8.09
8.44
7.41
7.12
7.35
7.44
8.29
8.20
7.96
7.49
7.40
7.19
7.13
7.17
7.98
8.55
9.18
9.11
8.79
39
Table 25.McCook, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
1998
1999
2000
2001
2002
2003
2004
-0.37
-0.38
-0.33
-0.32
-0.30
-0.29
-0.29
-0.26
-0.35
-0.33
-0.40
-0.40
-0.38
-0.43
-0.22
-0.22
-0.16
-0.11
-0.37
-0.37
-0.40
-0.42
-0.42
-0.42
-0.40
-0.40
-0.51
-0.41
-0.41
-0.40
-0.39
-0.38
-0.38
-0.38
-0.35
-0.32
-0.32
-0.35
-0.28
-0.31
2005
-0.32
-0.31
-0.32
-0.30
-0.28
-0.31
-0.27
-0.32
-0.38
-0.44
-0.43
-0.40
-0.35
-0.31
-0.32
-0.21
-0.19
-0.24
-0.26
-0.26
-0.27
-0.39
-0.40
-0.39
-0.40
-0.43
-0.44
-0.42
-0.38
-0.38
-0.38
-0.39
-0.40
-0.54
-0.42
-0.42
-0.42
-0.40
-0.39
-0.37
-0.33
-0.32
-0.32
-0.33
-0.32
2006
-0.36
-0.35
-0.35
-0.35
-0.35
-0.35
-0.39
-0.38
-0.47
-0.47
-0.44
-0.42
-0.38
-0.39
-0.38
-0.38
-0.46
-0.46
-0.45
-0.45
-0.46
-0.45
-0.45
-0.46
-0.52
-0.40
-0.41
-0.46
-0.46
-0.45
-0.45
-0.45
-0.50
-0.50
-0.50
-0.51
-0.51
-0.47
-0.47
-0.47
-0.47
-0.47
-0.48
-0.47
-0.55
-0.55
-0.54
-0.54
2007
-0.54
-0.52
-0.52
-0.49
-0.47
-0.46
-0.46
-0.47
-0.43
-0.43
-0.43
-0.43
-0.33
-0.31
-0.30
-0.26
-0.16
-0.26
-0.27
-0.28
-0.32
-0.45
-0.48
-0.50
-0.70
-0.75
-0.65
-0.66
-0.66
-0.76
-0.76
-0.76
-0.95
-0.90
-0.90
-0.90
-0.90
-0.90
-0.90
-0.85
-0.86
-0.76
-0.70
-0.65
-0.64
-0.65
-0.65
-0.65
2008
-0.66
-0.65
-0.65
-0.65
-0.65
-0.65
-0.66
-0.65
-0.66
-0.66
-0.65
-0.65
-0.65
-0.64
-0.65
-0.55
-0.78
-0.55
-0.55
-0.54
-0.57
-0.70
-0.80
-0.80
-0.98
-1.04
-0.91
-0.91
-0.91
-0.89
-0.84
-0.84
-0.88
-1.07
-1.07
-1.03
-1.02
-0.95
-0.90
-0.85
-0.67
-0.77
-0.67
-0.67
-0.80
-0.80
-0.80
-0.85
2009
-0.75
-0.75
-0.75
-0.75
-0.75
-0.73
-0.65
-0.68
-0.72
-0.70
-0.72
-0.72
-0.47
-0.72
-0.72
-0.69
-0.76
-0.64
-0.76
-0.75
-0.76
-0.77
-0.76
-0.76
-0.86
-0.87
-0.92
-1.02
-0.96
-0.97
-0.96
-0.97
-1.12
-1.13
-1.12
-1.12
-1.13
-1.12
-1.00
-1.00
-1.01
-0.98
-0.95
-0.96
-1.06
-1.06
-1.06
-1.04
2010
-1.01
-1.11
-1.09
-1.08
-1.09
-1.08
-1.05
-1.05
-1.10
-1.10
-1.09
-1.09
-1.04
-1.05
-1.05
-1.09
-1.24
-1.27
-1.30
-1.32
-1.36
-1.46
-1.46
-1.45
-1.56
-1.56
-1.56
-1.73
-1.80
-1.80
-1.80
-1.60
-1.73
-1.73
-1.74
-1.44
2011
5-yr avg
-0.53
-0.52
-0.52
-0.51
-0.50
-0.55
-0.49
-0.49
-0.52
-0.53
-0.54
-0.53
-0.45
-0.48
-0.47
-0.44
-0.47
-0.42
-0.51
-0.45
-0.47
-0.53
-0.55
-0.58
-0.69
-0.69
-0.72
-0.69
-0.68
-0.70
-0.69
-0.68
-0.77
-0.80
-0.80
-0.79
-0.82
-0.77
-0.74
-0.72
-0.68
-0.67
-0.63
-0.62
-0.67
-0.68
-0.68
-0.68
5-yr min
-0.75
-0.75
-0.75
-0.75
-0.75
-0.73
-0.66
-0.68
-0.72
-0.70
-0.72
-0.72
-0.65
-0.72
-0.72
-0.69
-0.78
-0.64
-0.76
-0.75
-0.76
-0.77
-0.80
-0.80
-0.98
-1.04
-0.92
-1.02
-0.96
-0.97
-0.96
-0.97
-1.12
-1.13
-1.12
-1.12
-1.13
-1.12
-1.00
-1.00
-1.01
-0.98
-0.95
-0.96
-1.06
-1.06
-1.06
-1.04
5-yr max
-0.32
-0.31
-0.32
-0.30
-0.28
-0.35
-0.31
-0.27
-0.32
-0.38
-0.43
-0.42
-0.33
-0.31
-0.30
-0.26
-0.16
-0.19
-0.27
-0.24
-0.26
-0.26
-0.27
-0.39
-0.40
-0.39
-0.41
-0.40
-0.43
-0.44
-0.42
-0.38
-0.38
-0.38
-0.39
-0.40
-0.51
-0.42
-0.42
-0.42
-0.40
-0.39
-0.37
-0.33
-0.32
-0.32
-0.33
-0.32
40
Figure 13. McCook, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.00
-0.20
-0.40
-0.60
Basis ($/bu)
-0.80
-1.00
-1.20
-1.40
-1.60
-1.80
5-yr avg
5-yr min
5-yr max
2010
-2.00
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
41
Table 26.Merna, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
1998
1999
2000
2001
2002
2003
2004
3.77
3.68
3.66
3.68
3.55
3.58
3.56
3.69
3.42
3.28
3.66
3.66
3.71
3.72
3.49
3.51
3.78
3.49
3.44
3.53
3.55
3.43
3.51
3.33
3.26
3.29
3.39
3.30
3.11
2.92
3.02
3.05
3.07
3.04
3.28
3.20
3.07
3.18
3.16
3.25
3.20
3.20
3.27
3.12
2.93
3.11
3.09
3.17
2005
3.14
3.15
3.02
2.98
2.99
3.07
3.04
3.14
3.23
3.32
3.36
3.15
2.92
2.77
2.83
2.86
2.73
2.81
2.85
3.04
2.90
2.81
2.90
3.07
3.12
2.99
3.03
3.08
3.07
3.10
3.15
3.06
3.08
3.25
3.29
3.28
3.46
3.30
3.35
3.23
3.37
3.25
3.18
3.32
3.27
3.39
3.39
2006
3.58
3.56
3.46
3.68
3.75
4.07
3.96
3.96
3.89
4.01
3.71
3.64
3.77
4.11
4.12
3.92
3.93
4.26
4.61
4.54
4.38
4.39
4.29
4.45
4.70
4.53
4.62
4.45
4.41
4.23
4.01
4.17
4.48
4.20
4.45
4.50
4.58
4.88
4.85
4.85
4.79
4.71
4.66
4.81
4.57
4.52
4.58
4.55
2007
4.26
4.26
4.45
4.43
4.37
4.34
4.36
4.59
4.45
4.42
4.19
4.27
4.34
4.49
4.76
4.68
4.48
4.37
4.43
4.57
4.77
5.60
5.44
5.52
5.44
5.65
5.39
5.71
5.64
5.90
5.81
6.28
7.46
7.73
7.54
8.34
8.25
8.01
7.54
7.40
7.19
7.04
7.37
8.11
8.58
9.13
9.02
8.74
2008
9.00
8.29
9.16
8.97
10.45
10.23
10.19
11.51
11.07
12.16
9.57
9.80
9.21
8.99
8.99
7.88
7.61
7.86
7.40
7.16
7.28
8.20
8.61
8.82
8.22
7.58
7.53
7.33
7.66
8.23
8.53
7.49
7.21
6.66
6.59
6.85
5.94
5.63
5.13
4.88
4.98
5.03
5.02
5.06
4.43
4.64
5.20
5.41
2009
5.68
5.68
5.29
5.38
5.26
5.10
4.92
4.94
4.92
5.08
5.38
4.92
5.21
4.99
4.99
5.08
5.33
5.63
5.66
6.11
6.26
5.70
5.41
5.20
4.76
4.63
4.71
4.65
4.42
4.17
4.06
4.19
3.94
3.68
3.69
3.79
3.69
3.90
4.18
4.31
4.22
4.40
4.66
4.51
4.52
4.17
4.05
4.26
2010
4.70
4.37
4.13
4.05
3.98
4.01
3.92
3.95
3.96
3.77
3.83
3.65
3.58
3.73
3.84
3.92
4.07
3.85
3.80
3.81
3.53
3.09
3.41
3.40
3.55
4.07
4.51
4.74
6.15
5.60
5.40
5.25
5.57
5.85
5.75
5.48
2011
5-yr avg
5.13
4.99
5.08
5.09
5.36
5.36
5.29
5.63
5.51
5.80
5.24
5.16
5.09
5.07
5.14
4.88
4.82
4.99
4.99
5.08
5.12
5.34
5.33
6.00
5.24
5.10
5.05
5.03
5.04
5.12
5.10
5.06
5.23
5.07
5.10
5.35
5.15
5.18
5.00
4.96
4.88
4.91
4.99
5.13
5.08
5.15
5.25
5.27
5-yr min
3.14
3.15
3.02
2.98
2.99
3.07
3.04
3.14
3.23
3.32
3.36
3.15
2.92
2.77
2.83
2.86
2.73
2.81
2.85
3.04
2.90
2.81
2.90
4.45
3.07
3.12
2.99
3.03
3.08
3.07
3.10
3.15
3.06
3.08
3.25
3.29
3.28
3.46
3.30
3.35
3.23
3.37
3.25
3.18
3.32
3.27
3.39
3.39
5-yr max
9.00
8.29
9.16
8.97
10.45
10.23
10.19
11.51
11.07
12.16
9.57
9.80
9.21
8.99
8.99
7.88
7.61
7.86
7.40
7.16
7.28
8.20
8.61
8.82
8.22
7.58
7.53
7.33
7.66
8.23
8.53
7.49
7.46
7.73
7.54
8.34
8.25
8.01
7.54
7.40
7.19
7.04
7.37
8.11
8.58
9.13
9.02
8.74
42
Table 27. Merna, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
1998
1999
2000
2001
2002
2003
2004
-0.08
-0.30
-0.31
-0.29
-0.29
-0.30
-0.26
-0.24
-0.33
-0.33
-0.32
-0.43
-0.39
-0.47
-0.45
-0.40
-0.43
-0.44
-0.26
-0.16
-0.12
-0.07
-0.25
-0.33
-0.36
-0.40
-0.25
-0.25
-0.32
-0.25
-0.22
-0.22
-0.35
-0.35
-0.35
-0.35
-0.26
-0.26
-0.21
-0.25
-0.25
-0.31
-0.30
-0.33
-0.32
-0.30
-0.26
-0.26
2005
-0.29
-0.28
-0.33
-0.25
-0.25
-0.26
-0.25
-0.31
-0.25
-0.26
-0.30
-0.34
-0.33
-0.45
-0.45
-0.53
-0.43
-0.33
-0.33
-0.36
-0.38
-0.36
-0.36
-0.38
-0.37
-0.36
-0.39
-0.30
-0.36
-0.35
-0.35
-0.43
-0.40
-0.41
-0.40
-0.54
-0.42
-0.43
-0.43
-0.40
-0.33
-0.29
-0.30
-0.42
-0.35
-0.28
-0.37
2006
-0.28
-0.27
-0.37
-0.28
-0.28
-0.27
-0.30
-0.38
-0.51
-0.43
-0.43
-0.45
-0.54
-0.46
-0.33
-0.30
-0.46
-0.46
-0.45
-0.45
-0.46
-0.45
-0.35
-0.43
-0.48
-0.40
-0.41
-0.41
-0.44
-0.46
-0.46
-0.45
-0.36
-0.39
-0.39
-0.46
-0.47
-0.45
-0.45
-0.45
-0.45
-0.44
-0.46
-0.40
-0.57
-0.58
-0.50
-0.57
2007
-0.55
-0.55
-0.50
-0.51
-0.51
-0.50
-0.50
-0.53
-0.60
-0.60
-0.61
-0.60
-0.35
-0.36
-0.34
-0.36
-0.25
-0.35
-0.36
-0.35
-0.36
-0.40
-0.44
-0.48
-0.60
-0.56
-0.68
-0.71
-0.71
-0.70
-0.70
-0.69
-0.43
-0.52
-0.80
-0.85
-0.85
-0.85
-0.85
-0.85
-0.86
-0.85
-0.50
-0.52
-0.61
-0.70
-0.74
-0.70
2008
-0.66
-0.65
-0.65
-0.64
-0.65
-0.71
-0.66
-0.75
-0.76
-0.76
-0.75
-0.75
-0.75
-0.75
-0.75
-0.75
-1.04
-0.82
-0.81
-0.81
-0.86
-0.72
-0.69
-0.73
-0.90
-0.90
-0.85
-0.82
-0.81
-0.75
-0.75
-0.76
-0.79
-0.98
-0.75
-0.80
-0.74
-0.75
-0.75
-0.75
-0.65
-0.75
-0.46
-0.52
-0.70
-0.70
-0.70
-0.75
2009
-0.65
-0.65
-0.65
-0.65
-0.64
-0.65
-0.58
-0.60
-0.68
-0.66
-0.68
-0.68
-0.45
-0.71
-0.71
-0.73
-0.81
-0.69
-0.81
-0.69
-0.64
-0.75
-0.78
-0.72
-0.88
-0.89
-0.89
-0.97
-0.92
-0.92
-0.93
-0.90
-1.05
-1.06
-1.05
-1.05
-1.01
-1.00
-1.00
-1.00
-0.96
-0.95
-0.95
-0.96
-1.10
-1.10
-1.10
-1.03
2010
-0.80
-0.90
-0.91
-0.90
-0.91
-1.00
-1.02
-1.02
-1.12
-1.13
-1.12
-1.12
-1.12
-1.13
-1.13
-1.13
-1.13
-1.12
-1.13
-1.12
-1.19
-1.54
-1.55
-1.54
-1.55
-1.55
-1.55
-1.55
-1.65
-1.65
-1.65
-1.66
-1.75
-1.75
-1.76
-1.50
2011
5-yr avg
-0.49
-0.48
-0.50
-0.47
-0.47
-0.48
-0.46
-0.51
-0.56
-0.54
-0.55
-0.56
-0.48
-0.55
-0.52
-0.53
-0.60
-0.53
-0.55
-0.53
-0.54
-0.54
-0.52
-0.59
-0.65
-0.63
-0.64
-0.66
-0.64
-0.64
-0.64
-0.63
-0.61
-0.67
-0.68
-0.71
-0.72
-0.69
-0.70
-0.70
-0.66
-0.66
-0.53
-0.54
-0.68
-0.69
-0.66
-0.68
5-yr min
-0.66
-0.65
-0.65
-0.65
-0.65
-0.71
-0.66
-0.75
-0.76
-0.76
-0.75
-0.75
-0.75
-0.75
-0.75
-0.75
-1.04
-0.82
-0.81
-0.81
-0.86
-0.75
-0.78
-0.73
-0.90
-0.90
-0.89
-0.97
-0.92
-0.92
-0.93
-0.90
-1.05
-1.06
-1.05
-1.05
-1.01
-1.00
-1.00
-1.00
-0.96
-0.95
-0.95
-0.96
-1.10
-1.10
-1.10
-1.03
5-yr max
-0.28
-0.27
-0.33
-0.25
-0.25
-0.26
-0.25
-0.31
-0.25
-0.26
-0.30
-0.34
-0.33
-0.36
-0.33
-0.30
-0.25
-0.33
-0.33
-0.35
-0.36
-0.36
-0.35
-0.43
-0.38
-0.37
-0.36
-0.39
-0.30
-0.36
-0.35
-0.35
-0.36
-0.39
-0.39
-0.40
-0.47
-0.42
-0.43
-0.43
-0.40
-0.33
-0.29
-0.30
-0.42
-0.35
-0.28
-0.37
43
Figure 14. Merna, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.00
-0.20
-0.40
-0.60
Basis ($/bu)
-0.80
-1.00
-1.20
-1.40
-1.60
5-yr avg
5-yr min
-1.80
5-yr max
2010
-2.00
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
44
Table 28.Murdock, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
4.05
4.09
4.09
4.04
3.92
4.00
3.91
4.03
4.04
4.08
4.14
3.75
4.21
4.47
4.20
4.22
4.07
3.93
2.52
3.65
3.57
3.38
3.25
3.09
3.10
3.27
3.49
3.56
3.46
3.61
3.62
3.55
3.50
3.36
3.52
3.49
3.47
3.47
3.42
3.40
3.48
3.42
3.26
1998
3.17
3.30
3.39
3.39
3.40
3.36
3.27
3.29
3.33
3.43
3.29
3.21
3.23
3.16
3.13
3.14
3.18
3.07
3.06
2.91
2.89
2.80
2.87
2.68
2.62
2.60
2.47
2.43
2.41
2.28
2.27
2.28
2.32
2.49
2.41
2.82
2.91
2.85
2.98
2.97
2.94
2.89
2.91
1999
2.98
2.93
2.87
2.85
2.80
2.56
2.41
2.53
2.68
2.65
2.74
2.69
2.60
2.59
2.47
2.50
2.42
2.41
2.51
2.59
2.48
2.48
2.43
2.26
2.09
2.19
2.37
2.27
2.39
2.31
2.36
2.35
2.28
2.24
2.10
2.08
2.10
2.17
2.32
2.23
2.19
2.18
2.17
2.18
2.27
2.28
2000
2.30
2.40
2.43
2.41
2.33
2.55
2.47
2.39
2.31
2.38
2.42
2.29
2.35
2.39
2.38
2.33
2.50
2.53
2.49
2.57
2.48
2.51
2.59
2.87
2.63
2.67
2.56
2.55
2.50
2.46
2.51
2.67
2.72
2.70
2.62
2.79
2.87
3.00
2.84
2.85
2.92
2.90
2.92
2.94
2.98
3.09
3.07
2001
3.16
3.22
3.16
3.10
2.99
2.94
2.92
2.91
2.96
3.00
2.94
2.81
2.83
2.91
2.96
3.07
3.00
2.98
3.10
2.95
2.92
2.88
2.81
2.65
2.77
2.91
2.89
2.86
2.81
2.84
2.81
2.84
2.78
2.77
2.66
2.73
2.68
2.73
2.75
2.81
2.81
2.78
2.70
2.70
2.78
2.73
2.79
2.80
2002
2.85
2.86
2.92
2.82
2.76
2.75
2.76
2.67
2.75
2.72
2.71
2.80
2.89
2.67
2.77
2.62
2.60
2.65
2.68
2.75
2.95
3.05
3.03
3.18
3.31
3.42
3.54
3.58
3.67
3.70
3.84
3.89
4.38
4.55
4.51
4.57
4.60
4.57
4.73
4.59
4.54
4.36
4.16
4.27
3.95
3.94
3.96
3.82
2003
3.70
3.71
3.53
3.55
3.66
3.63
3.63
3.44
3.48
3.36
3.30
3.26
3.23
3.26
3.25
3.26
3.07
3.14
3.31
3.12
3.02
3.15
2.95
2.85
2.79
2.80
2.97
3.08
3.22
3.43
3.41
3.36
3.38
3.24
3.13
3.31
3.36
3.09
3.18
3.47
3.51
3.73
3.49
3.68
3.85
3.66
3.74
3.53
2004
3.86
3.74
3.70
3.72
3.57
3.66
3.60
3.70
3.53
3.39
3.77
3.82
3.88
3.91
3.66
3.62
3.86
3.58
3.53
3.51
3.53
3.43
3.43
3.37
3.37
3.51
3.43
3.27
3.21
2.95
3.02
3.05
3.09
3.06
3.30
3.13
3.00
3.11
3.04
3.17
3.12
3.21
3.37
3.19
3.05
3.21
3.15
3.26
2005
3.28
3.28
3.20
3.08
3.09
3.23
3.15
3.22
3.21
3.26
3.31
3.14
2.87
2.85
2.90
2.98
2.86
2.84
2.88
3.10
2.98
2.87
2.96
3.03
3.12
3.15
3.04
3.12
3.07
3.12
3.16
3.21
3.19
3.18
3.36
3.39
3.52
3.58
3.43
3.48
3.35
3.42
3.26
3.25
3.49
3.40
3.45
3.56
2006
3.64
3.61
3.62
3.75
3.82
4.13
4.05
4.13
4.14
4.18
3.88
3.84
4.05
4.31
4.23
4.00
4.09
4.42
4.76
4.69
4.52
4.54
4.34
4.65
4.87
4.72
4.81
4.64
4.63
4.47
4.25
4.40
4.47
4.24
4.49
4.61
4.72
5.00
4.97
4.97
4.91
4.82
4.79
4.88
4.71
4.67
4.65
4.72
2007
4.41
4.41
4.59
4.60
4.54
4.50
4.52
4.78
4.70
4.54
4.61
4.44
4.60
4.85
4.79
4.58
4.47
4.54
4.67
4.78
5.65
5.53
5.65
5.59
5.69
5.63
5.98
5.90
6.15
6.06
6.52
7.31
7.60
7.64
8.50
8.40
8.19
7.72
7.67
7.50
7.34
7.34
8.10
8.57
9.20
9.21
8.89
2008
9.11
8.39
9.27
9.06
10.55
10.27
10.22
11.61
11.18
12.09
9.95
9.44
9.18
9.04
8.09
7.82
8.08
7.62
7.37
7.60
8.32
8.68
8.85
8.29
7.44
7.37
7.15
7.62
8.18
8.58
7.60
7.29
6.74
6.44
6.75
5.79
5.48
4.98
4.79
4.83
4.98
4.78
4.96
4.33
4.54
5.11
5.31
2009
5.54
5.58
5.25
5.36
5.25
5.10
4.93
4.92
4.95
5.16
5.46
5.00
5.37
5.16
5.20
5.30
5.54
5.84
5.87
6.21
6.25
5.80
5.54
5.27
5.09
4.97
5.05
4.96
4.74
4.49
4.34
4.44
4.19
3.94
3.94
4.05
3.91
4.11
4.43
4.56
4.43
4.60
4.86
4.73
4.72
4.37
4.25
4.46
2010
4.72
4.39
4.16
4.07
4.06
4.21
4.14
4.17
4.17
3.99
4.04
3.86
3.83
3.99
4.10
4.23
4.23
3.87
3.80
3.80
3.60
3.43
3.66
3.64
3.65
4.24
4.72
4.83
6.15
5.60
5.40
5.31
5.92
6.20
6.21
5.93
2011
5-yr avg
5.20
5.05
5.19
5.17
5.45
5.45
5.37
5.73
5.87
5.88
4.30
5.31
5.23
5.22
5.24
5.03
4.98
5.13
5.13
5.21
5.23
5.44
5.41
5.49
5.39
5.19
5.18
5.17
5.19
5.28
5.28
5.23
5.29
5.14
5.17
5.46
5.27
5.27
5.11
5.09
5.00
5.03
5.01
5.18
5.16
5.24
5.33
5.39
5-yr min
3.28
3.28
3.20
3.08
3.09
3.23
3.15
3.22
3.21
3.26
3.31
3.14
2.87
2.85
2.90
2.98
2.86
2.84
2.88
3.10
2.98
2.87
2.96
3.03
3.12
3.15
3.04
3.12
3.07
3.12
3.16
3.21
3.19
3.18
3.36
3.39
3.52
3.58
3.43
3.48
3.35
3.42
3.26
3.25
3.49
3.40
3.45
3.56
5-yr max
9.11
8.39
9.27
9.06
10.55
10.27
10.22
11.61
11.18
12.09
5.46
9.95
9.44
9.18
9.04
8.09
7.82
8.08
7.62
7.37
7.60
8.32
8.68
8.85
8.29
7.44
7.37
7.15
7.62
8.18
8.58
7.60
7.31
7.60
7.64
8.50
8.40
8.19
7.72
7.67
7.50
7.34
7.34
8.10
8.57
9.20
9.21
8.89
45
Table 29. Murdock, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
0.00
-0.02
-0.08
-0.10
-0.28
-0.22
-0.28
-0.05
-0.05
-0.15
-0.15
-0.30
-0.15
-0.35
-0.48
-0.28
-0.27
-0.26
-1.55
-0.18
-0.20
-0.18
-0.20
-0.25
-0.24
-0.17
-0.18
-0.20
-0.20
-0.18
-0.32
-0.29
-0.30
-0.28
-0.28
-0.28
-0.32
-0.21
-0.15
-0.12
-0.16
-0.18
-0.17
1998
-0.27
-0.14
-0.11
-0.12
-0.06
-0.03
-0.12
-0.19
-0.26
-0.02
-0.04
-0.12
0.04
-0.08
-0.04
-0.18
-0.06
-0.16
-0.05
-0.16
-0.09
-0.31
-0.14
-0.24
-0.26
-0.14
-0.30
-0.36
-0.28
-0.54
-0.59
-0.64
-0.79
-0.53
-0.86
-0.46
-0.28
-0.42
-0.28
-0.23
-0.20
-0.26
-0.27
1999
-0.23
-0.22
-0.19
-0.24
-0.25
-0.33
-0.30
-0.40
-0.38
-0.38
-0.36
-0.35
-0.35
-0.33
-0.37
-0.42
-0.39
-0.36
-0.38
-0.34
-0.33
-0.32
-0.40
-0.44
-0.58
-0.56
-0.59
-0.60
-0.57
-0.57
-0.70
-0.70
-0.70
-0.70
-0.69
-0.68
-0.68
-0.60
-0.50
-0.50
-0.48
-0.58
-0.51
-0.50
-0.50
-0.48
2000
-0.45
-0.50
-0.50
-0.50
-0.48
-0.46
-0.46
-0.47
-0.55
-0.55
-0.54
-0.51
-0.45
-0.42
-0.42
-0.38
-0.50
-0.51
-0.46
-0.50
-0.50
-0.48
-0.37
-0.25
-0.33
-0.28
-0.27
-0.27
-0.27
-0.27
-0.27
-0.16
-0.32
-0.32
-0.32
-0.32
-0.29
-0.27
-0.25
-0.20
-0.21
-0.20
-0.15
-0.15
-0.16
-0.16
-0.16
2001
-0.16
-0.16
-0.16
-0.18
-0.18
-0.18
-0.20
-0.17
-0.27
-0.26
-0.26
-0.24
-0.26
-0.22
-0.22
-0.22
-0.30
-0.29
-0.25
-0.22
-0.25
-0.25
-0.25
-0.25
-0.30
-0.30
-0.28
-0.26
-0.20
-0.17
-0.15
-0.17
-0.26
-0.26
-0.27
-0.22
-0.19
-0.16
-0.16
-0.15
-0.15
-0.14
-0.14
-0.10
-0.10
-0.10
-0.05
-0.05
2002
-0.04
-0.04
-0.04
-0.10
-0.10
-0.10
-0.10
-0.10
-0.13
-0.13
-0.13
-0.10
-0.08
-0.13
-0.13
-0.13
-0.21
-0.19
-0.16
-0.09
-0.08
-0.09
-0.09
-0.07
-0.02
-0.06
-0.06
-0.08
-0.07
-0.07
-0.07
0.07
-0.07
-0.08
-0.08
-0.08
-0.08
-0.06
-0.06
-0.07
0.03
-0.03
-0.03
-0.03
0.07
0.07
0.07
0.07
2003
0.07
0.07
0.07
0.09
0.07
0.07
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.01
0.10
-0.02
-0.20
-0.21
-0.17
-0.17
-0.17
-0.17
-0.28
-0.25
-0.24
-0.25
-0.31
-0.31
-0.25
-0.21
-0.28
-0.28
-0.28
-0.28
-0.25
-0.25
-0.20
-0.19
-0.20
-0.20
-0.20
-0.26
-0.23
-0.23
-0.23
-0.18
2004
0.01
-0.24
-0.27
-0.25
-0.27
-0.22
-0.22
-0.23
-0.22
-0.22
-0.21
-0.27
-0.22
-0.28
-0.28
-0.29
-0.35
-0.35
-0.17
-0.18
-0.14
-0.07
-0.33
-0.29
-0.25
-0.18
-0.21
-0.28
-0.22
-0.22
-0.22
-0.22
-0.33
-0.33
-0.33
-0.42
-0.33
-0.33
-0.33
-0.33
-0.33
-0.30
-0.20
-0.26
-0.20
-0.20
-0.20
-0.17
2005
-0.15
-0.15
-0.15
-0.15
-0.15
-0.10
-0.14
-0.23
-0.27
-0.32
-0.35
-0.35
-0.38
-0.37
-0.38
-0.41
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.32
-0.33
-0.34
-0.31
-0.30
-0.31
-0.31
-0.29
-0.29
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.28
-0.28
-0.28
-0.23
-0.25
-0.22
-0.22
-0.20
2006
-0.22
-0.22
-0.21
-0.21
-0.21
-0.21
-0.21
-0.21
-0.26
-0.26
-0.26
-0.25
-0.26
-0.26
-0.22
-0.22
-0.30
-0.30
-0.30
-0.30
-0.32
-0.30
-0.30
-0.24
-0.32
-0.22
-0.22
-0.22
-0.22
-0.22
-0.22
-0.22
-0.37
-0.35
-0.35
-0.35
-0.33
-0.33
-0.33
-0.33
-0.33
-0.33
-0.33
-0.33
-0.43
-0.43
-0.43
-0.40
2007
-0.40
-0.40
-0.36
-0.34
-0.34
-0.34
-0.34
-0.34
-0.32
-0.26
-0.26
-0.25
-0.25
-0.25
-0.25
-0.15
-0.25
-0.25
-0.25
-0.35
-0.35
-0.35
-0.35
-0.45
-0.52
-0.44
-0.44
-0.45
-0.45
-0.45
-0.45
-0.58
-0.65
-0.70
-0.69
-0.70
-0.67
-0.67
-0.58
-0.55
-0.55
-0.53
-0.53
-0.62
-0.63
-0.55
-0.55
2008
-0.55
-0.55
-0.54
-0.55
-0.55
-0.67
-0.63
-0.65
-0.65
-0.83
-0.60
-0.52
-0.56
-0.70
-0.54
-0.83
-0.60
-0.59
-0.60
-0.54
-0.60
-0.62
-0.70
-0.83
-1.04
-1.01
-1.01
-0.85
-0.80
-0.70
-0.65
-0.71
-0.90
-0.90
-0.90
-0.89
-0.90
-0.90
-0.85
-0.80
-0.80
-0.70
-0.62
-0.80
-0.80
-0.79
-0.85
2009
-0.79
-0.75
-0.69
-0.68
-0.65
-0.65
-0.57
-0.62
-0.65
-0.58
-0.60
-0.60
-0.29
-0.54
-0.50
-0.51
-0.60
-0.48
-0.60
-0.59
-0.65
-0.65
-0.65
-0.65
-0.55
-0.55
-0.55
-0.66
-0.60
-0.60
-0.65
-0.65
-0.80
-0.80
-0.80
-0.79
-0.79
-0.79
-0.75
-0.75
-0.75
-0.75
-0.75
-0.74
-0.90
-0.90
-0.90
-0.83
2010
-0.78
-0.88
-0.88
-0.88
-0.83
-0.80
-0.80
-0.80
-0.91
-0.91
-0.91
-0.91
-0.87
-0.87
-0.87
-0.82
-0.97
-1.10
-1.13
-1.13
-1.12
-1.20
-1.30
-1.30
-1.45
-1.38
-1.34
-1.46
-1.65
-1.65
-1.65
-1.60
-1.40
-1.40
-1.30
-1.05
2011
5-yr avg
-0.42
-0.41
-0.39
-0.39
-0.38
-0.39
-0.38
-0.41
-0.46
-0.46
-0.37
-0.41
-0.34
-0.40
-0.41
-0.39
-0.44
-0.39
-0.41
-0.41
-0.43
-0.44
-0.44
-0.45
-0.50
-0.53
-0.51
-0.53
-0.49
-0.48
-0.46
-0.45
-0.55
-0.60
-0.61
-0.61
-0.60
-0.60
-0.59
-0.56
-0.54
-0.54
-0.52
-0.49
-0.60
-0.60
-0.58
-0.57
5-yr min
-0.79
-0.75
-0.69
-0.68
-0.65
-0.67
-0.63
-0.65
-0.65
-0.83
-0.60
-0.60
-0.52
-0.56
-0.70
-0.54
-0.83
-0.60
-0.60
-0.60
-0.65
-0.65
-0.65
-0.70
-0.83
-1.04
-1.01
-1.01
-0.85
-0.80
-0.70
-0.65
-0.80
-0.90
-0.90
-0.90
-0.89
-0.90
-0.90
-0.85
-0.80
-0.80
-0.75
-0.74
-0.90
-0.90
-0.90
-0.85
5-yr max
-0.15
-0.15
-0.15
-0.15
-0.15
-0.10
-0.14
-0.21
-0.26
-0.26
-0.26
-0.25
-0.25
-0.25
-0.22
-0.22
-0.15
-0.25
-0.25
-0.25
-0.30
-0.30
-0.30
-0.24
-0.32
-0.22
-0.22
-0.22
-0.22
-0.22
-0.22
-0.22
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.28
-0.28
-0.28
-0.23
-0.25
-0.22
-0.22
-0.20
46
Figure 15. Murdock, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.00
-0.20
-0.40
-0.60
Basis ($/bu)
-0.80
-1.00
-1.20
5-yr avg
5-yr min
5-yr max
2010
-1.40
-1.60
-1.80
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
47
Table 30.Ogallala, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
3.94
3.95
3.96
3.98
3.94
4.00
3.86
3.97
3.98
4.09
4.13
3.81
4.13
4.45
4.20
4.13
3.98
3.92
3.81
3.66
3.43
3.15
2.93
2.90
3.11
3.32
3.39
3.30
3.45
3.39
3.31
3.24
3.21
3.31
3.27
3.26
3.15
3.00
1998
2.90
3.05
3.14
3.17
3.23
3.17
3.12
3.11
3.15
3.17
3.09
3.11
3.11
2.99
2.99
2.99
3.11
2.97
2.93
2.81
2.73
2.70
2.79
2.47
2.38
2.33
2.22
2.19
2.19
2.07
2.08
2.07
2.12
2.31
2.22
2.58
2.59
2.59
2.67
2.69
2.58
2.52
2.58
1999
2.71
2.65
2.60
2.59
2.55
2.48
2.32
2.19
2.33
2.51
2.48
2.55
2.49
2.41
2.37
2.25
2.34
2.23
2.19
2.30
2.40
2.26
2.25
2.25
2.03
1.92
2.01
2.17
2.03
2.16
2.08
2.11
2.10
2.08
2.04
1.89
1.96
2.00
1.99
2.04
1.95
1.97
1.93
1.90
1.95
2000
2.06
2.18
2.21
2.17
2.08
2.27
2.19
2.13
2.04
2.11
2.16
2.01
2.02
2.03
2.04
1.96
2.13
2.20
2.16
2.24
2.18
2.24
2.21
2.51
2.36
2.40
2.33
2.32
2.25
2.21
2.26
2.41
2.44
2.44
2.38
2.55
2.60
2.76
2.60
2.63
2.71
2.70
2.72
2.80
2.78
2.74
2.85
2.83
2001
2.94
3.00
2.94
2.90
2.79
2.74
2.72
2.70
2.75
2.82
2.76
2.65
2.69
2.73
2.78
2.92
2.84
2.82
2.90
2.76
2.76
2.75
2.67
2.56
2.64
2.79
2.75
2.70
2.58
2.59
2.55
2.64
2.56
2.59
2.53
2.60
2.55
2.60
2.66
2.71
2.71
2.67
2.62
2.70
2.70
2.65
2.66
2.67
2002
2.71
2.74
2.80
2.71
2.65
2.65
2.69
2.61
2.65
2.62
2.61
2.67
2.74
2.59
2.69
2.54
2.50
2.54
2.53
2.58
2.80
2.91
2.93
3.07
3.17
3.30
3.40
3.46
3.54
3.57
3.73
3.76
4.25
4.44
4.40
4.46
4.49
4.44
4.60
4.46
4.38
4.19
4.00
4.11
3.79
3.78
3.80
3.66
2003
3.54
3.55
3.38
3.37
3.48
3.45
3.49
3.30
3.38
3.26
3.20
3.16
3.13
3.21
3.18
3.13
3.02
3.17
3.42
3.22
3.06
3.12
2.83
2.67
2.66
2.56
2.66
2.78
2.94
3.16
3.08
3.03
3.00
2.86
2.80
3.04
3.06
2.79
2.85
3.19
3.24
3.48
3.24
3.41
3.58
3.39
3.47
3.27
2004
3.61
3.54
3.52
3.54
3.39
3.45
3.39
3.50
3.33
3.19
3.69
3.62
3.68
3.67
3.42
3.40
3.62
3.35
3.33
3.33
3.35
3.23
3.27
3.24
3.16
3.25
3.19
3.02
2.95
2.69
2.75
2.78
2.92
2.94
3.18
3.01
2.88
2.99
2.99
3.10
3.08
3.18
3.24
3.12
3.00
3.16
3.10
3.16
2005
3.18
3.19
3.11
3.00
3.01
3.05
3.00
3.21
3.14
3.19
3.20
3.03
2.85
2.85
2.94
3.02
2.91
2.91
2.95
3.15
3.03
2.92
3.01
2.97
3.05
3.08
2.94
3.02
3.01
3.03
3.05
3.10
3.07
3.07
3.24
3.28
3.39
3.45
3.30
3.35
3.20
3.28
3.12
3.10
3.41
3.29
3.34
3.47
2006
3.56
3.48
3.46
3.59
3.60
3.91
3.83
3.91
3.92
3.99
3.69
3.66
3.91
4.17
4.03
3.83
3.90
4.25
4.61
4.54
4.39
4.39
4.19
4.51
4.77
4.55
4.63
4.41
4.40
4.24
4.00
4.21
4.30
4.09
4.34
4.45
4.54
4.83
4.80
4.85
4.79
4.70
4.67
4.76
4.56
4.55
4.53
4.57
2007
4.26
4.26
4.40
4.39
4.35
4.31
4.33
4.64
4.50
4.47
4.33
4.45
4.37
4.52
4.80
4.74
4.53
4.42
4.51
4.61
4.82
5.45
5.33
5.47
5.39
5.41
5.37
5.66
5.60
5.85
5.71
6.16
6.94
7.25
7.34
8.12
8.06
7.91
7.46
7.35
7.21
7.14
7.10
7.88
8.35
8.98
9.01
8.69
2008
8.90
8.19
9.06
8.86
10.35
10.19
10.09
11.41
10.97
12.06
9.47
9.70
9.11
8.89
8.88
7.78
7.57
7.83
7.36
7.12
7.29
8.07
8.45
8.69
8.22
7.58
7.48
7.25
7.56
8.08
8.38
7.35
7.07
6.52
6.22
6.50
5.53
5.23
4.88
4.63
4.63
4.78
4.78
4.88
4.25
4.46
5.02
5.23
2009
5.45
5.45
5.06
5.23
5.10
4.95
4.78
4.79
4.85
5.01
5.31
4.85
5.16
4.95
4.95
5.06
5.33
5.63
5.67
6.01
6.10
5.65
5.39
5.12
4.72
4.60
4.68
4.56
4.34
4.08
3.99
4.09
3.83
3.58
3.58
3.68
3.54
3.74
4.02
4.15
4.02
4.19
4.45
4.37
4.33
3.98
3.87
2010
4.31
3.98
3.75
3.66
3.60
3.72
3.65
3.77
3.78
3.70
3.75
3.57
3.50
3.66
3.77
3.86
3.95
3.72
3.68
3.63
3.42
3.23
3.51
3.49
3.55
4.07
4.51
4.54
5.92
5.35
5.15
5.21
5.48
5.76
5.66
5.39
2011
5-yr avg
5.07
4.91
5.02
5.01
5.28
5.28
5.21
5.59
5.48
5.74
5.20
5.14
5.08
5.08
5.12
4.89
4.85
5.01
5.02
5.09
5.13
5.30
5.27
5.35
5.23
5.04
5.02
4.98
4.98
5.06
5.03
4.98
5.04
4.90
4.94
5.21
5.01
5.03
4.89
4.87
4.77
4.82
4.82
5.00
4.98
5.05
5.15
5.49
5-yr min
3.18
3.19
3.11
3.00
3.01
3.05
3.00
3.21
3.14
3.19
3.20
3.03
2.85
2.85
2.94
3.02
2.91
2.91
2.95
3.15
3.03
2.92
3.01
2.97
3.05
3.08
2.94
3.02
3.01
3.03
3.05
3.10
3.07
3.07
3.24
3.28
3.39
3.45
3.30
3.35
3.20
3.28
3.12
3.10
3.41
3.29
3.34
3.47
5-yr max
8.90
8.19
9.06
8.86
10.35
10.19
10.09
11.41
10.97
12.06
9.47
9.70
9.11
8.89
8.88
7.78
7.57
7.83
7.36
7.12
7.29
8.07
8.45
8.69
8.22
7.58
7.48
7.25
7.56
8.08
8.38
7.35
7.07
7.25
7.34
8.12
8.06
7.91
7.46
7.35
7.21
7.14
7.10
7.88
8.35
8.98
9.01
8.69
48
Table 31.Ogallala, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
-0.11
-0.16
-0.21
-0.16
-0.26
-0.22
-0.33
-0.11
-0.11
-0.14
-0.16
-0.24
-0.23
-0.37
-0.30
-0.21
-0.21
-0.15
-0.02
-0.11
-0.13
-0.30
-0.41
-0.44
-0.33
-0.36
-0.37
-0.36
-0.34
-0.45
-0.49
-0.53
-0.57
-0.37
-0.30
-0.38
-0.45
-0.43
1998
-0.54
-0.39
-0.36
-0.34
-0.23
-0.22
-0.27
-0.37
-0.44
-0.28
-0.24
-0.22
-0.08
-0.25
-0.19
-0.33
-0.13
-0.26
-0.18
-0.26
-0.25
-0.41
-0.22
-0.45
-0.50
-0.41
-0.55
-0.60
-0.50
-0.75
-0.78
-0.85
-0.99
-0.71
-1.05
-0.70
-0.60
-0.68
-0.59
-0.51
-0.56
-0.63
-0.60
1999
-0.50
-0.23
-0.15
-0.20
-0.20
-0.20
-0.30
-0.22
-0.31
-0.25
-0.31
-0.30
-0.35
-0.32
-0.28
-0.31
-0.28
-0.24
-0.27
-0.16
-0.20
-0.20
-0.20
-0.22
-0.19
-0.22
-0.36
-0.33
-0.44
-0.27
-0.34
-0.36
-0.38
-0.40
-0.36
-0.44
-0.48
-0.43
-0.43
-0.44
-0.42
-0.32
-0.27
-0.26
-0.25
-0.22
-0.23
2000
-0.69
-0.72
-0.72
-0.74
-0.73
-0.74
-0.74
-0.73
-0.82
-0.82
-0.80
-0.79
-0.78
-0.78
-0.76
-0.75
-0.87
-0.84
-0.79
-0.83
-0.80
-0.75
-0.75
-0.61
-0.60
-0.55
-0.50
-0.50
-0.52
-0.52
-0.52
-0.42
-0.60
-0.58
-0.56
-0.56
-0.56
-0.51
-0.49
-0.42
-0.42
-0.40
-0.35
-0.29
-0.41
-0.40
-0.40
-0.40
2001
-0.38
-0.38
-0.38
-0.38
-0.38
-0.38
-0.40
-0.38
-0.48
-0.44
-0.44
-0.40
-0.40
-0.40
-0.40
-0.37
-0.46
-0.45
-0.45
-0.41
-0.41
-0.38
-0.39
-0.34
-0.43
-0.42
-0.42
-0.42
-0.43
-0.42
-0.41
-0.38
-0.48
-0.44
-0.40
-0.35
-0.32
-0.29
-0.25
-0.25
-0.25
-0.25
-0.22
-0.10
-0.18
-0.18
-0.18
-0.18
2002
-0.18
-0.16
-0.16
-0.21
-0.21
-0.20
-0.17
-0.16
-0.23
-0.23
-0.23
-0.23
-0.23
-0.21
-0.21
-0.21
-0.31
-0.30
-0.31
-0.27
-0.23
-0.23
-0.19
-0.18
-0.16
-0.18
-0.20
-0.20
-0.20
-0.20
-0.18
-0.06
-0.20
-0.19
-0.19
-0.19
-0.19
-0.19
-0.19
-0.20
-0.13
-0.20
-0.19
-0.19
-0.09
-0.09
-0.09
-0.09
2003
-0.09
-0.09
-0.08
-0.09
-0.11
-0.11
-0.09
-0.09
-0.05
-0.05
-0.05
-0.05
-0.05
0.00
-0.02
-0.12
0.05
0.01
-0.09
-0.11
-0.13
-0.20
-0.29
-0.35
-0.41
-0.49
-0.55
-0.55
-0.59
-0.58
-0.58
-0.54
-0.66
-0.66
-0.61
-0.55
-0.55
-0.55
-0.53
-0.47
-0.47
-0.45
-0.45
-0.53
-0.50
-0.50
-0.50
-0.44
2004
-0.24
-0.44
-0.45
-0.43
-0.45
-0.43
-0.43
-0.43
-0.42
-0.42
-0.29
-0.47
-0.42
-0.52
-0.52
-0.51
-0.59
-0.58
-0.37
-0.36
-0.32
-0.27
-0.49
-0.42
-0.46
-0.44
-0.45
-0.53
-0.48
-0.48
-0.49
-0.49
-0.50
-0.45
-0.45
-0.54
-0.45
-0.45
-0.38
-0.40
-0.37
-0.33
-0.33
-0.33
-0.25
-0.25
-0.25
-0.27
2005
-0.25
-0.24
-0.24
-0.23
-0.23
-0.28
-0.29
-0.24
-0.34
-0.39
-0.46
-0.46
-0.40
-0.37
-0.34
-0.37
-0.25
-0.23
-0.23
-0.25
-0.25
-0.25
-0.25
-0.38
-0.40
-0.41
-0.41
-0.40
-0.37
-0.40
-0.40
-0.40
-0.42
-0.41
-0.42
-0.41
-0.43
-0.43
-0.43
-0.43
-0.43
-0.42
-0.42
-0.38
-0.33
-0.33
-0.33
-0.29
2006
-0.30
-0.35
-0.37
-0.37
-0.43
-0.43
-0.43
-0.43
-0.48
-0.45
-0.45
-0.43
-0.40
-0.40
-0.42
-0.39
-0.49
-0.47
-0.45
-0.45
-0.45
-0.45
-0.45
-0.37
-0.42
-0.39
-0.40
-0.45
-0.44
-0.45
-0.47
-0.41
-0.54
-0.50
-0.50
-0.51
-0.51
-0.50
-0.50
-0.45
-0.45
-0.45
-0.45
-0.45
-0.58
-0.55
-0.55
-0.55
2007
-0.55
-0.55
-0.55
-0.55
-0.53
-0.53
-0.53
-0.48
-0.55
-0.55
-0.47
-0.42
-0.32
-0.33
-0.30
-0.30
-0.20
-0.30
-0.28
-0.31
-0.31
-0.55
-0.55
-0.53
-0.65
-0.80
-0.70
-0.76
-0.75
-0.75
-0.80
-0.81
-0.95
-1.00
-1.00
-1.07
-1.04
-0.95
-0.93
-0.90
-0.84
-0.75
-0.77
-0.75
-0.84
-0.85
-0.75
-0.75
2008
-0.76
-0.75
-0.75
-0.75
-0.75
-0.75
-0.76
-0.85
-0.86
-0.86
-0.85
-0.85
-0.85
-0.85
-0.86
-0.85
-1.08
-0.85
-0.85
-0.85
-0.85
-0.85
-0.85
-0.86
-0.90
-0.90
-0.90
-0.90
-0.91
-0.90
-0.90
-0.90
-0.93
-1.12
-1.12
-1.15
-1.15
-1.15
-1.00
-1.00
-1.00
-1.00
-0.70
-0.70
-0.88
-0.88
-0.88
-0.93
2009
-0.88
-0.88
-0.88
-0.80
-0.80
-0.80
-0.72
-0.75
-0.75
-0.73
-0.75
-0.75
-0.50
-0.75
-0.75
-0.75
-0.81
-0.69
-0.80
-0.79
-0.80
-0.80
-0.80
-0.80
-0.92
-0.92
-0.92
-1.06
-1.00
-1.01
-1.00
-1.00
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.10
-1.29
-1.29
-1.28
2010
-1.19
-1.29
-1.29
-1.29
-1.29
-1.29
-1.29
-1.20
-1.30
-1.20
-1.20
-1.20
-1.20
-1.20
-1.20
-1.18
-1.25
-1.25
-1.25
-1.30
-1.30
-1.40
-1.45
-1.45
-1.55
-1.55
-1.55
-1.75
-1.88
-1.90
-1.90
-1.70
-1.84
-1.84
-1.85
-1.59
2011
5-yr avg
-0.55
-0.55
-0.56
-0.54
-0.55
-0.56
-0.55
-0.55
-0.60
-0.60
-0.60
-0.58
-0.49
-0.54
-0.53
-0.53
-0.57
-0.51
-0.52
-0.53
-0.53
-0.58
-0.58
-0.59
-0.66
-0.68
-0.67
-0.71
-0.70
-0.70
-0.71
-0.70
-0.80
-0.84
-0.84
-0.86
-0.86
-0.84
-0.80
-0.79
-0.78
-0.76
-0.70
-0.68
-0.78
-0.78
-0.76
-0.63
5-yr min
-0.88
-0.88
-0.88
-0.80
-0.80
-0.80
-0.76
-0.85
-0.86
-0.86
-0.85
-0.85
-0.85
-0.85
-0.86
-0.85
-1.08
-0.85
-0.85
-0.85
-0.85
-0.85
-0.85
-0.86
-0.92
-0.92
-0.92
-1.06
-1.00
-1.01
-1.00
-1.00
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.16
-1.10
-1.29
-1.29
-1.28
-0.93
5-yr max
-0.25
-0.24
-0.24
-0.23
-0.23
-0.28
-0.29
-0.24
-0.34
-0.39
-0.45
-0.42
-0.32
-0.33
-0.30
-0.30
-0.20
-0.23
-0.23
-0.25
-0.25
-0.25
-0.25
-0.37
-0.40
-0.39
-0.40
-0.40
-0.37
-0.40
-0.40
-0.40
-0.42
-0.41
-0.42
-0.41
-0.43
-0.43
-0.43
-0.43
-0.43
-0.42
-0.42
-0.38
-0.33
-0.33
-0.33
-0.29
49
Figure 16. Ogallala, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.20
-0.30
Basis ($/bu)
-0.80
-1.30
-1.80
5-yr avg
5-yr min
5-yr max
2010
-2.30
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
50
Table 32. Plymouth, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
1998
1999
2.24
2.37
2.28
2.36
2.29
2.34
2.33
2.24
2.09
2.10
2.12
2.10
2.27
2.23
2.20
2.20
2.17
2.17
2000
2.28
2.40
2.38
2.37
2.27
2.48
2.43
2.37
2.26
2.34
2.36
2.24
2.28
2.31
2.33
2.24
2.42
2.46
2.42
2.50
2.42
2.47
2.49
2.76
2.60
2.70
2.55
2.54
2.49
2.45
2.49
2.62
2.65
2.63
2.61
2.80
2.85
2.96
2.82
2.82
2.92
2.89
2.92
2.98
2.92
3.07
3.05
2001
2002
3.14
3.20
3.14
3.10
3.00
2.95
2.93
2.91
2.97
3.04
2.98
2.90
2.94
2.98
3.02
3.13
3.02
2.98
3.08
2.96
2.92
2.88
2.81
2.68
2.75
2.91
2.87
2.84
2.76
2.77
2.72
2.78
2.72
2.75
2.66
2.84
2.85
2.91
2.84
2.81
2.80
2.81
2.73
2.78
2.75
2.76
2.82
2.66
2.73
2.78
2.80
2.83
2.75
2.76
2.81
2.78
2.79
2.80
4.51
4.72
4.58
4.55
4.37
4.17
4.32
3.96
3.95
3.97
3.83
2.69
2.79
2.64
2.61
2.65
2.67
2.69
2.92
3.03
3.01
3.16
3.27
3.40
3.46
3.58
3.63
3.69
3.88
4.43
4.57
4.63
2003
3.71
3.71
3.54
3.58
3.67
3.64
3.66
3.47
3.59
3.36
3.30
3.26
3.23
3.26
3.25
3.30
3.12
3.21
3.41
3.22
3.00
3.13
2.88
2.78
2.76
2.72
2.88
3.00
3.18
3.39
3.36
3.29
3.28
3.17
3.06
3.26
3.31
3.04
3.09
3.40
3.46
3.68
3.46
3.71
3.80
3.62
3.68
2004
3.82
3.72
3.70
3.72
3.57
3.61
3.55
3.66
3.49
3.35
3.73
3.80
3.86
3.89
3.64
3.62
3.86
3.60
3.55
3.53
3.55
3.43
3.43
3.37
3.40
3.42
3.38
3.28
3.20
2.93
3.01
3.04
3.05
3.05
3.26
3.09
2.96
3.07
3.03
3.20
3.19
3.25
3.32
3.20
3.05
3.26
3.20
3.27
2005
3.28
3.28
3.20
3.08
3.09
3.23
3.12
3.24
3.28
3.28
3.33
3.16
2.89
2.88
2.94
3.01
2.86
2.84
2.88
3.10
2.98
2.87
2.96
3.10
3.17
3.21
3.07
3.15
3.10
3.15
3.29
3.39
3.34
3.28
3.51
3.51
3.58
3.62
3.46
3.50
3.35
3.42
3.36
3.30
3.53
3.42
3.47
3.56
2006
3.66
3.63
3.63
3.76
3.83
4.09
4.01
4.03
4.03
4.18
3.88
3.85
4.08
4.34
4.22
3.99
4.09
4.54
4.86
4.79
4.53
4.53
4.34
4.63
4.87
4.62
4.71
4.54
4.53
4.39
4.18
4.35
4.54
4.29
4.54
4.66
4.75
5.03
5.00
5.00
4.94
4.85
4.82
4.91
4.70
4.66
4.64
4.68
2007
4.37
4.46
4.60
4.61
4.55
4.51
4.56
4.88
4.75
4.75
4.53
4.60
4.49
4.69
4.94
4.88
4.67
4.56
4.64
4.70
4.88
5.70
5.58
5.63
5.66
5.82
5.62
5.97
5.91
6.16
6.09
6.58
7.36
7.72
7.74
8.60
8.50
8.36
7.89
7.75
7.60
7.44
7.42
8.26
8.71
9.34
9.27
8.95
2008
9.17
8.49
9.37
9.17
10.67
10.54
10.45
11.81
11.38
12.37
9.77
10.00
9.41
9.45
9.44
8.34
8.12
8.38
7.92
7.82
8.05
8.82
8.75
8.95
8.32
7.64
7.54
7.34
7.77
8.33
8.63
7.60
7.32
6.77
6.45
6.75
5.85
5.55
5.03
5.00
5.04
5.13
4.93
5.03
4.39
4.59
5.16
5.51
2009
5.74
5.81
5.43
5.54
5.41
5.24
5.07
5.09
5.22
5.38
5.67
5.23
5.77
5.50
5.45
5.49
5.69
6.01
6.12
6.46
6.55
6.10
5.84
5.42
5.06
4.97
5.05
5.01
4.74
4.44
4.34
4.44
4.18
3.93
3.93
4.03
3.99
4.20
4.51
4.64
4.51
4.62
4.94
4.80
4.79
4.44
4.32
4.53
2010
4.77
4.44
4.21
4.12
4.06
4.21
4.14
4.17
4.20
4.02
4.12
3.94
4.04
4.08
4.19
4.22
4.20
3.92
3.83
3.83
3.62
3.51
3.74
3.67
3.78
4.36
4.74
4.88
6.25
5.77
5.60
5.75
6.02
6.30
6.28
5.98
2011
5-yr avg
5.24
5.13
5.25
5.23
5.51
5.52
5.44
5.81
5.73
5.99
5.44
5.37
5.33
5.37
5.40
5.14
5.09
5.27
5.28
5.37
5.40
5.60
5.49
5.55
5.42
5.25
5.20
5.20
5.21
5.29
5.31
5.27
5.35
5.20
5.23
5.51
5.33
5.35
5.18
5.18
5.09
5.09
5.09
5.26
5.22
5.29
5.37
5.45
5-yr min
3.28
3.28
3.20
3.08
3.09
3.23
3.12
3.24
3.28
3.28
3.33
3.16
2.89
2.88
2.94
3.01
2.86
2.84
2.88
3.10
2.98
2.87
2.96
3.10
3.17
3.21
3.07
3.15
3.10
3.15
3.29
3.39
3.34
3.28
3.51
3.51
3.58
3.62
3.46
3.50
3.35
3.42
3.36
3.30
3.53
3.42
3.47
3.56
5-yr max
9.17
8.49
9.37
9.17
10.67
10.54
10.45
11.81
11.38
12.37
9.77
10.00
9.41
9.45
9.44
8.34
8.12
8.38
7.92
7.82
8.05
8.82
8.75
8.95
8.32
7.64
7.54
7.34
7.77
8.33
8.63
7.60
7.36
7.72
7.74
8.60
8.50
8.36
7.89
7.75
7.60
7.44
7.42
8.26
8.71
9.34
9.27
8.95
51
Table 33. Plymouth, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
1998
1999
-0.51
-0.59
-0.59
-0.60
-0.59
-0.72
-0.72
-0.70
-0.70
-0.66
-0.66
-0.67
-0.55
-0.50
-0.47
-0.56
-0.51
-0.51
2000
-0.47
-0.50
-0.55
-0.54
-0.54
-0.53
-0.50
-0.49
-0.60
-0.59
-0.60
-0.56
-0.52
-0.50
-0.47
-0.47
-0.58
-0.58
-0.53
-0.57
-0.56
-0.52
-0.47
-0.36
-0.36
-0.25
-0.28
-0.28
-0.28
-0.28
-0.29
-0.20
-0.39
-0.39
-0.33
-0.31
-0.31
-0.31
-0.27
-0.23
-0.21
-0.21
-0.15
-0.21
-0.22
-0.18
-0.18
2001
2002
-0.18
-0.18
-0.18
-0.18
-0.17
-0.17
-0.19
-0.17
-0.26
-0.22
-0.22
-0.15
-0.15
-0.15
-0.16
-0.16
-0.28
-0.29
-0.27
-0.22
-0.25
-0.25
-0.25
-0.22
-0.32
-0.30
-0.30
-0.28
-0.25
-0.24
-0.24
-0.23
-0.32
-0.28
-0.27
-0.05
-0.05
-0.05
-0.09
-0.05
-0.05
-0.05
-0.04
-0.10
-0.10
-0.08
-0.08
-0.23
-0.18
-0.18
-0.16
-0.09
-0.09
-0.04
-0.07
-0.05
-0.05
-0.05
-0.12
-0.07
-0.08
0.04
-0.02
-0.02
0.02
0.08
0.08
0.08
0.08
-0.11
-0.11
-0.11
-0.20
-0.19
-0.17
-0.15
-0.11
-0.11
-0.11
-0.09
-0.06
-0.08
-0.14
-0.08
-0.11
-0.08
0.06
-0.02
-0.02
-0.02
2003
0.08
0.07
0.08
0.13
0.08
0.08
0.08
0.08
0.16
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.15
0.05
-0.10
-0.11
-0.19
-0.19
-0.24
-0.24
-0.31
-0.33
-0.33
-0.33
-0.35
-0.35
-0.30
-0.28
-0.38
-0.35
-0.35
-0.33
-0.30
-0.30
-0.29
-0.26
-0.25
-0.25
-0.23
-0.23
-0.28
-0.27
-0.29
2004
-0.03
-0.26
-0.27
-0.25
-0.27
-0.27
-0.27
-0.27
-0.26
-0.26
-0.25
-0.29
-0.24
-0.30
-0.30
-0.29
-0.35
-0.33
-0.15
-0.16
-0.12
-0.07
-0.33
-0.29
-0.22
-0.27
-0.26
-0.27
-0.23
-0.24
-0.23
-0.23
-0.37
-0.34
-0.37
-0.46
-0.37
-0.37
-0.34
-0.30
-0.26
-0.26
-0.25
-0.25
-0.20
-0.15
-0.15
-0.16
2005
-0.15
-0.15
-0.15
-0.15
-0.15
-0.10
-0.17
-0.21
-0.20
-0.30
-0.33
-0.33
-0.36
-0.34
-0.34
-0.38
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.25
-0.28
-0.28
-0.28
-0.27
-0.28
-0.28
-0.16
-0.11
-0.15
-0.20
-0.15
-0.18
-0.24
-0.26
-0.27
-0.28
-0.28
-0.28
-0.18
-0.18
-0.21
-0.20
-0.20
-0.20
2006
-0.20
-0.20
-0.20
-0.20
-0.20
-0.25
-0.25
-0.31
-0.37
-0.26
-0.26
-0.24
-0.23
-0.23
-0.23
-0.23
-0.30
-0.18
-0.20
-0.20
-0.31
-0.31
-0.30
-0.26
-0.32
-0.32
-0.32
-0.32
-0.32
-0.30
-0.29
-0.27
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.44
-0.44
-0.44
-0.44
2007
-0.44
-0.35
-0.35
-0.33
-0.33
-0.33
-0.30
-0.24
-0.30
-0.27
-0.27
-0.27
-0.20
-0.16
-0.16
-0.16
-0.06
-0.16
-0.15
-0.22
-0.25
-0.30
-0.30
-0.37
-0.38
-0.39
-0.45
-0.45
-0.44
-0.44
-0.42
-0.39
-0.53
-0.53
-0.60
-0.59
-0.60
-0.50
-0.50
-0.50
-0.45
-0.45
-0.45
-0.37
-0.48
-0.49
-0.49
-0.49
2008
-0.49
-0.45
-0.44
-0.44
-0.43
-0.40
-0.40
-0.45
-0.45
-0.55
-0.55
-0.55
-0.55
-0.29
-0.30
-0.29
-0.53
-0.30
-0.29
-0.15
-0.09
-0.10
-0.55
-0.60
-0.80
-0.84
-0.84
-0.82
-0.70
-0.65
-0.65
-0.65
-0.68
-0.87
-0.89
-0.90
-0.83
-0.83
-0.85
-0.64
-0.59
-0.65
-0.55
-0.55
-0.74
-0.75
-0.74
-0.65
2009
-0.59
-0.52
-0.51
-0.50
-0.49
-0.51
-0.43
-0.45
-0.38
-0.36
-0.39
-0.37
0.11
-0.20
-0.25
-0.31
-0.45
-0.31
-0.35
-0.34
-0.35
-0.35
-0.35
-0.50
-0.58
-0.55
-0.55
-0.61
-0.60
-0.65
-0.65
-0.65
-0.81
-0.81
-0.81
-0.81
-0.71
-0.70
-0.67
-0.67
-0.67
-0.73
-0.67
-0.67
-0.83
-0.83
-0.83
-0.76
2010
-0.73
-0.83
-0.83
-0.83
-0.83
-0.80
-0.80
-0.80
-0.88
-0.88
-0.83
-0.83
-0.66
-0.78
-0.78
-0.82
-1.00
-1.05
-1.10
-1.10
-1.10
-1.12
-1.22
-1.27
-1.32
-1.26
-1.32
-1.41
-1.55
-1.48
-1.45
-1.16
-1.30
-1.30
-1.23
-1.00
2011
5-yr avg
-0.37
-0.33
-0.33
-0.32
-0.32
-0.32
-0.31
-0.33
-0.34
-0.35
-0.36
-0.35
-0.25
-0.24
-0.26
-0.27
-0.33
-0.25
-0.26
-0.24
-0.26
-0.27
-0.36
-0.40
-0.47
-0.48
-0.49
-0.49
-0.47
-0.46
-0.43
-0.41
-0.49
-0.54
-0.55
-0.56
-0.54
-0.52
-0.52
-0.48
-0.46
-0.48
-0.43
-0.41
-0.54
-0.54
-0.54
-0.51
5-yr min
-0.59
-0.52
-0.51
-0.50
-0.49
-0.51
-0.43
-0.45
-0.45
-0.55
-0.55
-0.55
-0.55
-0.34
-0.34
-0.38
-0.53
-0.31
-0.35
-0.34
-0.35
-0.35
-0.55
-0.60
-0.80
-0.84
-0.84
-0.82
-0.70
-0.65
-0.65
-0.65
-0.81
-0.87
-0.89
-0.90
-0.83
-0.83
-0.85
-0.67
-0.67
-0.73
-0.67
-0.67
-0.83
-0.83
-0.83
-0.76
5-yr max
-0.15
-0.15
-0.15
-0.15
-0.15
-0.10
-0.17
-0.21
-0.20
-0.26
-0.26
-0.24
0.11
-0.16
-0.16
-0.16
-0.06
-0.16
-0.15
-0.15
-0.09
-0.10
-0.30
-0.25
-0.28
-0.28
-0.28
-0.27
-0.28
-0.28
-0.16
-0.11
-0.15
-0.20
-0.15
-0.18
-0.24
-0.26
-0.27
-0.28
-0.28
-0.28
-0.18
-0.18
-0.21
-0.20
-0.20
-0.20
52
Figure 17. Plymouth, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.30
0.10
-0.10
-0.30
Basis ($/bu)
-0.50
-0.70
-0.90
-1.10
-1.30
-1.50
5-yr avg
5-yr min
5-yr max
2010
Feb
Apr
-1.70
Jan
Mar
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
53
Table 34. Superior, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
4.05
4.11
4.11
4.09
3.99
4.02
3.96
4.02
4.03
4.18
3.92
4.25
4.52
4.33
4.14
3.99
3.80
3.68
3.59
3.38
3.27
3.08
3.29
3.49
3.56
3.46
3.61
3.65
3.58
3.51
3.49
3.31
3.34
3.42
1998
3.06
3.19
3.22
3.25
3.31
3.26
3.19
3.22
3.22
3.32
3.20
3.13
3.13
3.04
3.06
2.99
3.12
3.04
3.03
2.91
2.80
2.74
2.81
2.52
2.52
2.53
2.48
2.44
2.38
2.29
2.27
2.26
2.27
2.46
2.37
3.29
3.27
3.27
2.64
2.58
2.64
3.49
3.35
3.26
2.81
2.77
2.64
2.75
1999
2.85
2.79
2.75
2.74
2.69
2.62
2.49
2.36
2.47
2.61
2.57
2.65
2.58
2.50
2.47
2.34
2.41
2.31
2.27
2.40
2.48
2.36
2.40
2.38
2.25
2.22
2.33
2.46
2.34
2.46
2.37
2.36
2.34
2.27
2.24
2.08
2.06
2.08
2.12
2.17
2.08
2.06
2.09
2.01
2.10
2.22
2000
2.23
2.35
2.38
2.36
2.26
2.46
2.38
2.29
2.31
2.38
2.40
2.25
2.25
2.26
2.24
2.32
2.50
2.53
2.49
2.64
2.55
2.57
2.53
2.81
2.61
2.60
2.48
2.47
2.42
2.38
2.43
2.53
2.54
2.52
2.44
2.61
2.87
2.79
2.75
2.82
2.84
2.82
2.83
2.85
2.79
2.94
2.93
2001
3.06
3.12
3.07
3.03
2.91
2.87
2.85
2.83
2.88
2.90
2.85
2.72
2.74
2.83
2.88
2.98
2.94
2.92
3.05
2.90
2.87
2.87
2.80
2.66
2.77
2.81
2.77
2.66
2.66
2.61
2.64
2.59
2.58
2.48
2.60
2.52
2.54
2.56
2.61
2.66
2.72
2.69
2.72
2.72
2.71
2.72
2.73
2002
2.79
2.80
2.86
2.84
2.81
2.80
2.86
2.78
2.82
2.80
2.83
2.90
2.97
2.80
2.90
2.75
2.74
2.77
2.74
2.70
2.87
3.03
3.02
3.20
3.29
3.44
3.56
3.62
3.67
3.70
3.84
3.95
4.50
4.68
4.64
4.70
4.71
4.63
4.79
4.65
4.60
4.42
4.30
4.33
3.98
3.97
3.99
3.85
2003
3.73
3.74
3.56
3.58
3.69
3.66
3.68
3.49
3.53
3.41
3.33
3.29
3.26
3.29
3.10
3.27
3.43
3.22
2.96
2.86
2.75
2.71
2.87
2.99
3.25
3.50
3.48
3.41
3.33
3.24
3.14
3.34
3.39
3.12
3.16
3.46
3.52
3.74
3.50
3.70
3.87
3.68
3.76
3.55
2004
3.88
3.78
3.74
3.76
3.61
3.68
3.62
3.75
3.56
3.43
3.89
3.79
3.85
3.88
3.63
3.66
3.93
3.65
3.60
3.60
3.62
3.50
3.50
3.43
3.34
3.46
3.44
3.29
3.24
3.02
3.11
3.15
3.21
3.21
3.45
3.28
3.18
3.29
3.22
3.36
3.31
3.39
3.48
3.37
3.25
3.44
3.43
3.49
2005
3.51
3.53
3.45
3.33
3.31
3.40
3.24
3.28
3.33
3.35
3.36
3.19
2.94
2.90
2.98
3.08
2.96
2.94
2.98
3.20
3.08
2.97
3.06
3.18
3.22
3.28
3.14
3.24
3.23
3.30
3.32
3.37
3.33
3.32
3.42
3.45
3.56
3.62
3.55
3.60
3.50
3.62
3.46
3.40
3.66
3.58
3.63
3.70
2006
3.67
3.71
3.68
3.81
3.88
4.19
4.11
4.14
4.12
4.20
3.99
4.02
4.23
4.49
4.37
4.16
4.13
4.54
4.92
4.73
4.58
4.58
4.39
4.73
4.96
4.74
4.78
4.61
4.61
4.46
4.40
4.55
4.61
4.36
4.61
4.73
4.74
4.98
4.95
4.95
4.89
4.82
4.82
5.01
4.84
4.80
4.80
4.84
2007
4.53
4.53
4.71
4.70
4.67
4.63
4.71
4.97
4.82
4.97
4.80
4.82
4.64
4.85
5.10
5.18
4.97
4.75
4.82
4.95
4.99
5.80
5.68
5.78
5.67
5.75
5.71
6.08
6.01
6.26
6.13
6.59
7.37
7.73
7.74
8.60
8.50
8.26
7.84
7.75
7.55
7.48
7.55
8.31
8.75
9.39
9.34
9.02
2008
9.24
8.55
9.47
9.29
10.80
10.52
10.47
11.86
11.43
12.52
9.92
10.15
9.21
9.30
9.20
8.19
7.92
8.18
7.77
7.52
7.75
8.50
8.88
9.19
8.57
7.94
7.89
7.66
8.02
8.53
8.83
7.87
7.59
7.04
6.74
7.05
6.09
5.78
5.38
5.21
5.28
5.43
5.13
5.23
4.60
4.89
5.51
5.71
2009
5.94
5.93
5.55
5.56
5.55
5.45
5.28
5.27
5.30
5.46
5.71
5.25
5.57
5.36
5.35
5.46
5.72
6.02
6.09
6.43
6.52
6.07
5.83
5.60
5.28
5.16
5.20
5.11
4.86
4.64
4.54
4.69
4.35
3.99
3.99
4.09
3.95
4.15
4.43
4.56
4.43
4.60
4.86
4.78
4.82
4.47
4.35
4.56
2010
4.80
4.47
4.24
4.15
4.09
4.31
4.24
4.30
4.30
4.12
4.17
3.99
4.08
4.17
4.24
4.25
3.97
3.93
3.93
3.77
3.48
3.76
3.84
3.95
4.47
4.86
5.07
6.45
5.85
5.65
5.85
6.12
6.20
6.11
5.83
2011
5-yr avg
5.38
5.25
5.37
5.34
5.64
5.64
5.56
5.90
5.80
6.10
5.56
5.49
5.32
5.38
5.40
5.21
5.14
5.29
5.32
5.37
5.38
5.58
5.57
5.70
5.54
5.37
5.34
5.34
5.35
5.44
5.44
5.41
5.45
5.29
5.30
5.58
5.37
5.36
5.23
5.21
5.13
5.19
5.16
5.35
5.33
5.43
5.53
5.57
5-yr min
3.51
3.53
3.45
3.33
3.31
3.40
3.24
3.28
3.33
3.35
3.36
3.19
2.94
2.90
2.98
3.08
2.96
2.94
2.98
3.20
3.08
2.97
3.06
3.18
3.22
3.28
3.14
3.24
3.23
3.30
3.32
3.37
3.33
3.32
3.42
3.45
3.56
3.62
3.55
3.60
3.50
3.62
3.46
3.40
3.66
3.58
3.63
3.70
5-yr max
9.24
8.55
9.47
9.29
10.80
10.52
10.47
11.86
11.43
12.52
9.92
10.15
9.21
9.30
9.20
8.19
7.92
8.18
7.77
7.52
7.75
8.50
8.88
9.19
8.57
7.94
7.89
7.66
8.02
8.53
8.83
7.87
7.59
7.73
7.74
8.60
8.50
8.26
7.84
7.75
7.55
7.48
7.55
8.31
8.75
9.39
9.34
9.02
54
Table 35. Superior, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
0.00
0.00
-0.06
-0.05
-0.21
-0.20
-0.23
-0.06
-0.06
-0.05
-0.13
-0.11
-0.30
-0.35
-0.20
-0.20
-0.27
-0.15
-0.18
-0.18
-0.18
-0.26
-0.15
-0.18
-0.20
-0.20
-0.18
-0.29
-0.26
-0.29
-0.30
-0.33
-0.46
-0.35
1998
-0.38
-0.25
-0.28
-0.26
-0.15
-0.13
-0.20
-0.26
-0.37
-0.13
-0.13
-0.20
-0.06
-0.20
-0.12
-0.33
-0.12
-0.19
-0.08
-0.16
-0.18
-0.37
-0.20
-0.40
-0.36
-0.21
-0.29
-0.35
-0.31
-0.53
-0.59
-0.66
-0.84
-0.56
-0.90
-0.39
-0.30
-0.25
-0.55
-0.69
-0.62
-0.15
-0.25
-0.17
-0.39
-0.37
-0.51
-0.43
1999
-0.36
-0.36
-0.31
-0.35
-0.36
-0.36
-0.40
-0.35
-0.46
-0.45
-0.46
-0.45
-0.46
-0.45
-0.45
-0.50
-0.51
-0.50
-0.50
-0.49
-0.45
-0.45
-0.40
-0.45
-0.45
-0.45
-0.42
-0.50
-0.53
-0.50
-0.51
-0.70
-0.71
-0.71
-0.70
-0.71
-0.70
-0.70
-0.65
-0.65
-0.65
-0.61
-0.67
-0.67
-0.58
-0.55
2000
-0.52
-0.55
-0.55
-0.55
-0.55
-0.55
-0.55
-0.57
-0.55
-0.55
-0.56
-0.55
-0.55
-0.55
-0.56
-0.39
-0.50
-0.51
-0.46
-0.43
-0.43
-0.42
-0.43
-0.31
-0.35
-0.35
-0.35
-0.35
-0.35
-0.35
-0.35
-0.29
-0.50
-0.50
-0.50
-0.50
-0.40
-0.30
-0.30
-0.31
-0.26
-0.25
-0.26
-0.34
-0.35
-0.31
-0.30
2001
-0.26
-0.26
-0.25
-0.25
-0.26
-0.25
-0.27
-0.25
-0.35
-0.36
-0.35
-0.33
-0.35
-0.30
-0.30
-0.31
-0.36
-0.35
-0.30
-0.27
-0.30
-0.26
-0.26
-0.24
-0.30
-0.36
-0.35
-0.35
-0.35
-0.35
-0.38
-0.45
-0.45
-0.45
-0.35
-0.35
-0.35
-0.35
-0.35
-0.30
-0.20
-0.15
-0.08
-0.16
-0.12
-0.12
-0.12
2002
-0.10
-0.10
-0.10
-0.09
-0.05
-0.05
0.00
0.01
-0.06
-0.05
-0.01
0.00
0.00
0.00
0.00
0.00
-0.07
-0.07
-0.10
-0.15
-0.16
-0.11
-0.10
-0.05
-0.04
-0.04
-0.04
-0.04
-0.07
-0.07
-0.07
0.14
0.05
0.05
0.05
0.05
0.03
0.00
0.00
0.00
0.09
0.03
0.11
0.03
0.10
0.10
0.10
0.10
2003
0.10
0.10
0.10
0.13
0.10
0.10
0.10
0.10
0.10
0.10
0.08
0.08
0.08
0.08
0.13
0.11
-0.08
-0.10
-0.16
-0.16
-0.32
-0.34
-0.34
-0.34
-0.28
-0.24
-0.18
-0.16
-0.33
-0.28
-0.27
-0.25
-0.22
-0.22
-0.22
-0.20
-0.19
-0.19
-0.19
-0.24
-0.21
-0.21
-0.21
-0.16
2004
0.03
-0.20
-0.23
-0.21
-0.23
-0.20
-0.20
-0.18
-0.19
-0.18
-0.09
-0.30
-0.25
-0.31
-0.31
-0.25
-0.28
-0.28
-0.10
-0.09
-0.05
0.00
-0.26
-0.23
-0.28
-0.23
-0.20
-0.26
-0.19
-0.15
-0.13
-0.12
-0.21
-0.18
-0.18
-0.27
-0.15
-0.15
-0.15
-0.14
-0.14
-0.12
-0.09
-0.08
0.00
0.03
0.08
0.06
2005
0.08
0.10
0.10
0.10
0.07
0.07
-0.05
-0.17
-0.15
-0.23
-0.30
-0.30
-0.31
-0.32
-0.30
-0.31
-0.20
-0.20
-0.20
-0.20
-0.20
-0.20
-0.20
-0.17
-0.23
-0.21
-0.21
-0.18
-0.15
-0.13
-0.13
-0.13
-0.16
-0.16
-0.24
-0.24
-0.26
-0.26
-0.18
-0.18
-0.13
-0.08
-0.08
-0.08
-0.08
-0.04
-0.04
-0.06
2006
-0.19
-0.12
-0.15
-0.15
-0.15
-0.15
-0.15
-0.20
-0.28
-0.24
-0.15
-0.07
-0.08
-0.08
-0.08
-0.06
-0.26
-0.18
-0.14
-0.26
-0.26
-0.26
-0.25
-0.16
-0.23
-0.19
-0.25
-0.25
-0.23
-0.23
-0.07
-0.07
-0.23
-0.23
-0.23
-0.23
-0.31
-0.35
-0.35
-0.35
-0.35
-0.33
-0.30
-0.20
-0.30
-0.30
-0.28
-0.28
2007
-0.28
-0.28
-0.24
-0.24
-0.21
-0.21
-0.15
-0.15
-0.23
-0.05
0.00
-0.05
-0.05
0.00
0.00
0.14
0.24
0.03
0.03
0.03
-0.14
-0.20
-0.20
-0.22
-0.37
-0.46
-0.36
-0.34
-0.34
-0.34
-0.38
-0.38
-0.52
-0.52
-0.60
-0.59
-0.60
-0.60
-0.55
-0.50
-0.50
-0.41
-0.32
-0.32
-0.44
-0.44
-0.42
-0.42
2008
-0.42
-0.39
-0.34
-0.32
-0.30
-0.42
-0.38
-0.40
-0.40
-0.40
-0.40
-0.40
-0.75
-0.44
-0.54
-0.44
-0.73
-0.50
-0.44
-0.45
-0.39
-0.42
-0.42
-0.36
-0.55
-0.54
-0.49
-0.49
-0.45
-0.45
-0.45
-0.38
-0.41
-0.60
-0.60
-0.60
-0.59
-0.60
-0.50
-0.42
-0.35
-0.35
-0.35
-0.35
-0.53
-0.45
-0.39
-0.45
2009
-0.39
-0.40
-0.39
-0.48
-0.35
-0.30
-0.22
-0.27
-0.30
-0.28
-0.35
-0.35
-0.09
-0.34
-0.35
-0.34
-0.42
-0.30
-0.38
-0.37
-0.38
-0.38
-0.36
-0.32
-0.36
-0.36
-0.40
-0.51
-0.48
-0.45
-0.45
-0.40
-0.64
-0.75
-0.75
-0.75
-0.75
-0.75
-0.75
-0.75
-0.75
-0.75
-0.75
-0.69
-0.80
-0.80
-0.80
-0.73
2010
-0.70
-0.80
-0.80
-0.80
-0.80
-0.70
-0.70
-0.67
-0.78
-0.78
-0.78
-0.78
-0.78
-0.80
-0.81
-0.95
-1.00
-1.00
-1.00
-0.95
-1.15
-1.20
-1.10
-1.15
-1.15
-1.20
-1.23
-1.35
-1.40
-1.40
-1.06
-1.20
-1.40
-1.40
-1.15
2011
5-yr avg
-0.24
-0.22
-0.20
-0.22
-0.19
-0.20
-0.19
-0.24
-0.27
-0.24
-0.24
-0.23
-0.26
-0.24
-0.25
-0.20
-0.27
-0.23
-0.23
-0.25
-0.27
-0.29
-0.29
-0.25
-0.35
-0.35
-0.34
-0.35
-0.33
-0.32
-0.30
-0.27
-0.39
-0.45
-0.48
-0.48
-0.50
-0.51
-0.47
-0.44
-0.42
-0.38
-0.36
-0.33
-0.43
-0.41
-0.39
-0.39
5-yr min
-0.42
-0.40
-0.39
-0.48
-0.35
-0.42
-0.38
-0.40
-0.40
-0.40
-0.40
-0.40
-0.75
-0.44
-0.54
-0.44
-0.73
-0.50
-0.44
-0.45
-0.39
-0.42
-0.42
-0.36
-0.55
-0.54
-0.49
-0.51
-0.48
-0.45
-0.45
-0.40
-0.64
-0.75
-0.75
-0.75
-0.75
-0.75
-0.75
-0.75
-0.75
-0.75
-0.75
-0.69
-0.80
-0.80
-0.80
-0.73
5-yr max
0.08
0.10
0.10
0.10
0.07
0.07
-0.05
-0.15
-0.15
-0.05
0.00
-0.05
-0.05
0.00
0.00
0.14
0.24
0.03
0.03
0.03
-0.14
-0.20
-0.20
-0.16
-0.23
-0.19
-0.21
-0.18
-0.15
-0.13
-0.07
-0.07
-0.16
-0.16
-0.23
-0.23
-0.26
-0.26
-0.18
-0.18
-0.13
-0.08
-0.08
-0.08
-0.08
-0.04
-0.04
-0.06
55
Figure 18. Superior, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.30
0.10
-0.10
-0.30
Basis ($/bu)
-0.50
-0.70
-0.90
-1.10
5-yr avg
5-yr min
-1.30
5-yr max
2010
-1.50
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
56
Table 36. Waverly, Neb. Cash Wheat Price, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
4.05
4.12
4.11
4.04
3.95
4.03
3.96
4.08
4.08
4.13
4.19
3.92
4.21
4.47
4.29
4.26
3.97
3.78
3.66
3.57
3.37
3.35
3.10
3.20
3.30
3.52
3.59
3.49
3.62
3.78
3.58
3.51
3.51
3.60
3.55
3.50
3.46
3.44
3.43
3.45
3.45
3.28
1998
3.16
3.29
3.37
3.40
3.41
3.39
3.32
3.32
3.43
3.31
3.21
3.23
3.16
3.21
3.16
3.20
3.09
3.08
2.94
2.90
2.88
2.69
2.65
2.61
2.47
2.45
2.41
2.28
2.27
2.28
2.34
2.50
2.42
2.90
2.94
2.91
2.98
3.11
2.93
2.91
2.92
1999
2.98
2.95
2.90
2.89
2.83
2.73
2.59
2.46
2.58
2.70
2.71
2.78
2.72
2.64
2.61
2.48
2.51
2.39
2.41
2.51
2.60
2.48
2.49
2.45
2.26
2.09
2.18
2.36
2.27
2.34
2.30
2.36
2.35
2.28
2.26
2.11
2.08
2.10
2.17
2.32
2.23
2.19
2.20
2.17
2.23
2.27
2.28
2000
2.30
2.40
2.44
2.43
2.33
2.55
2.46
2.39
2.32
2.39
2.41
2.31
2.35
2.39
2.40
2.33
2.52
2.54
2.49
2.57
2.48
2.51
2.66
2.88
2.64
2.70
2.57
2.55
2.50
2.46
2.51
2.68
2.72
2.70
2.62
2.79
2.85
3.00
2.84
2.85
2.93
2.94
2.92
2.94
3.04
2.98
3.09
3.09
2001
3.18
3.24
3.16
3.14
3.00
2.94
2.92
2.90
2.97
3.00
2.94
2.81
2.89
2.93
2.98
3.10
3.01
2.98
3.10
2.96
2.92
2.88
2.81
2.74
2.80
2.94
2.90
2.88
2.85
2.85
2.80
2.83
2.75
2.74
2.68
2.75
2.68
2.72
2.76
2.81
2.81
2.78
2.70
2.73
2.78
2.79
2.80
2002
2.85
2.86
2.92
2.81
2.74
2.73
2.74
2.66
2.70
2.70
2.68
2.75
2.89
2.70
2.77
2.62
2.62
2.65
2.65
2.75
2.95
3.06
3.04
3.19
3.32
3.42
3.54
3.59
3.67
3.70
3.84
3.90
4.40
4.58
4.54
4.62
4.65
4.60
4.76
4.63
4.57
4.39
4.19
4.30
3.95
3.94
3.96
3.82
2003
3.70
3.71
3.53
3.58
3.69
3.66
3.63
3.44
3.48
3.36
3.30
3.26
3.23
3.26
3.25
3.30
3.07
3.16
3.39
3.21
3.04
3.21
2.97
2.84
2.79
3.87
2.99
3.09
3.22
3.44
3.41
3.32
3.39
3.24
3.16
3.34
3.36
3.09
3.13
3.42
3.47
3.73
3.49
3.72
3.86
3.66
3.74
3.53
2004
3.86
3.74
3.72
3.74
3.59
3.63
3.57
3.68
3.53
3.39
3.77
3.82
3.88
3.91
3.66
3.62
3.58
3.53
3.51
3.53
3.43
3.43
3.35
3.37
3.53
3.43
3.27
3.21
2.95
3.01
3.04
3.09
3.06
3.30
3.13
3.01
3.12
3.05
3.18
3.14
3.26
3.32
3.14
3.00
3.26
3.20
3.26
2005
3.28
3.28
3.20
3.08
3.09
3.23
3.15
3.22
3.21
3.26
3.31
3.14
2.90
2.87
2.93
2.96
2.86
2.84
2.88
3.10
2.98
2.87
2.96
3.03
3.14
3.18
3.04
3.12
3.08
3.11
3.17
3.22
3.21
3.18
3.39
3.42
3.55
3.61
3.46
3.51
3.36
3.43
3.31
3.27
3.52
3.40
3.45
3.54
2006
3.65
3.62
3.62
3.77
3.84
4.12
4.04
4.12
4.14
4.18
3.88
3.84
4.05
4.31
4.23
4.04
4.10
4.47
4.81
4.74
4.54
4.54
4.34
4.66
4.89
4.72
4.81
4.64
4.63
4.47
4.25
4.40
4.49
4.24
4.49
4.61
4.72
5.00
4.97
4.97
4.91
4.82
4.79
4.88
4.74
4.70
4.68
4.72
2007
4.47
4.47
4.61
4.60
4.54
4.52
4.56
4.82
4.72
4.54
4.61
4.47
4.63
4.90
4.84
4.67
4.56
4.63
4.75
4.78
5.65
5.53
5.65
5.61
5.69
5.61
5.96
5.86
6.11
6.02
6.49
7.28
7.54
7.64
8.50
8.43
8.19
7.79
7.70
7.52
7.36
7.39
8.17
8.65
9.28
9.21
8.89
2008
9.16
8.44
9.32
9.11
10.65
10.37
10.32
11.76
11.33
12.37
9.74
9.97
9.36
9.15
9.14
8.09
7.82
8.10
7.64
7.39
7.60
8.32
8.70
8.88
8.29
7.52
7.42
7.23
7.67
8.23
8.63
7.60
7.29
6.74
6.42
6.75
5.80
5.50
4.98
4.85
4.94
5.08
4.78
4.98
4.34
4.54
5.11
5.31
2009
5.59
5.62
5.24
5.40
5.27
5.10
4.91
4.94
4.95
5.14
5.55
5.11
5.43
5.21
5.20
5.29
5.52
5.84
5.87
6.21
6.25
5.80
5.69
5.43
5.04
4.92
5.00
4.96
4.74
4.49
4.34
4.44
4.18
3.93
3.93
4.05
3.91
4.12
4.48
4.61
4.48
4.60
4.86
4.72
4.72
4.37
4.25
4.46
2010
4.72
4.39
4.16
4.07
4.05
4.17
4.14
4.17
4.17
3.99
4.04
3.86
3.80
3.99
4.10
4.21
4.23
3.87
3.80
3.80
3.60
3.43
3.66
3.59
3.65
4.24
4.72
4.83
6.15
5.60
5.50
5.36
5.92
6.20
6.21
5.93
2011
5-yr avg
5.23
5.09
5.20
5.19
5.48
5.47
5.40
5.77
5.91
5.93
5.40
5.33
5.24
5.23
5.28
5.04
4.99
5.16
5.17
5.24
5.23
5.44
5.44
5.53
5.39
5.21
5.18
5.18
5.20
5.28
5.28
5.23
5.29
5.13
5.17
5.47
5.28
5.28
5.14
5.13
5.04
5.06
5.03
5.20
5.19
5.26
5.34
5.38
5-yr min
3.28
3.28
3.20
3.08
3.09
3.23
3.15
3.22
3.21
3.26
3.31
3.14
2.90
2.87
2.93
2.96
2.86
2.84
2.88
3.10
2.98
2.87
2.96
3.03
3.14
3.18
3.04
3.12
3.08
3.11
3.17
3.22
3.21
3.18
3.39
3.42
3.55
3.61
3.46
3.51
3.36
3.43
3.31
3.27
3.52
3.40
3.45
3.54
5-yr max
9.16
8.44
9.32
9.11
10.65
10.37
10.32
11.76
11.33
12.37
9.74
9.97
9.36
9.15
9.14
8.09
7.82
8.10
7.64
7.39
7.60
8.32
8.70
8.88
8.29
7.52
7.42
7.23
7.67
8.23
8.63
7.60
7.29
7.54
7.64
8.50
8.43
8.19
7.79
7.70
7.52
7.36
7.39
8.17
8.65
9.28
9.21
8.89
57
Table 37.Waverly, Neb. Cash Wheat Basis, 1997-2010
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
2010 Date
1/7
1/14
1/21
1/28
2/4
2/11
2/18
2/25
3/4
3/11
3/18
3/25
4/1
4/8
4/15
4/22
5/6
5/13
5/20
5/27
6/3
6/10
6/17
6/24
7/1
7/8
7/15
7/22
8/5
8/12
8/19
8/26
9/2
9/9
9/16
9/23
10/7
10/14
10/21
10/28
11/4
11/11
11/18
11/25
12/2
12/9
12/16
12/23
1997
0.00
0.01
-0.06
-0.10
-0.25
-0.19
-0.23
0.00
-0.01
-0.10
-0.10
-0.13
-0.15
-0.35
-0.39
-0.24
-0.22
-0.29
-0.17
-0.20
-0.19
-0.10
-0.24
-0.14
-0.14
-0.15
-0.17
-0.17
-0.17
-0.16
-0.26
-0.29
-0.28
-0.04
-0.25
-0.27
-0.22
-0.13
-0.09
-0.19
-0.15
-0.15
1998
-0.28
-0.15
-0.13
-0.11
-0.05
0.00
-0.07
-0.27
-0.02
-0.02
-0.12
0.04
-0.08
0.04
-0.16
-0.04
-0.14
-0.03
-0.13
-0.08
-0.13
-0.23
-0.23
-0.13
-0.30
-0.34
-0.28
-0.54
-0.59
-0.64
-0.77
-0.52
-0.85
-0.38
-0.25
-0.36
-0.28
-0.09
-0.21
-0.24
-0.26
1999
-0.23
-0.20
-0.16
-0.20
-0.22
-0.25
-0.30
-0.25
-0.35
-0.36
-0.32
-0.32
-0.32
-0.31
-0.31
-0.35
-0.41
-0.42
-0.36
-0.38
-0.33
-0.33
-0.31
-0.38
-0.44
-0.58
-0.57
-0.60
-0.60
-0.62
-0.58
-0.70
-0.70
-0.70
-0.68
-0.68
-0.68
-0.68
-0.60
-0.50
-0.50
-0.48
-0.56
-0.51
-0.45
-0.50
-0.48
2000
-0.45
-0.50
-0.49
-0.48
-0.48
-0.46
-0.47
-0.47
-0.54
-0.54
-0.55
-0.49
-0.45
-0.42
-0.40
-0.38
-0.48
-0.50
-0.46
-0.50
-0.50
-0.48
-0.30
-0.25
-0.32
-0.25
-0.26
-0.27
-0.27
-0.27
-0.27
-0.15
-0.32
-0.32
-0.32
-0.32
-0.31
-0.27
-0.25
-0.20
-0.20
-0.16
-0.15
-0.15
-0.15
-0.16
-0.16
-0.14
2001
-0.14
-0.14
-0.16
-0.14
-0.17
-0.18
-0.20
-0.18
-0.26
-0.26
-0.26
-0.24
-0.20
-0.20
-0.20
-0.19
-0.29
-0.29
-0.25
-0.22
-0.25
-0.25
-0.25
-0.16
-0.27
-0.27
-0.27
-0.24
-0.16
-0.16
-0.16
-0.18
-0.29
-0.29
-0.25
-0.20
-0.19
-0.17
-0.15
-0.15
-0.15
-0.14
-0.14
-0.07
-0.10
-0.05
-0.05
2002
-0.04
-0.04
-0.04
-0.11
-0.12
-0.12
-0.12
-0.11
-0.18
-0.15
-0.16
-0.15
-0.08
-0.10
-0.13
-0.13
-0.19
-0.19
-0.19
-0.09
-0.08
-0.08
-0.08
-0.06
-0.01
-0.06
-0.06
-0.07
-0.07
-0.07
-0.07
0.09
-0.05
-0.05
-0.05
-0.03
-0.03
-0.03
-0.03
-0.02
0.06
0.00
0.00
0.00
0.07
0.07
0.07
0.07
2003
0.07
0.07
0.07
0.13
0.10
0.10
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.05
0.10
0.00
-0.12
-0.12
-0.15
-0.11
-0.15
-0.18
-0.28
0.82
-0.22
-0.24
-0.31
-0.30
-0.25
-0.25
-0.27
-0.28
-0.25
-0.25
-0.25
-0.25
-0.25
-0.24
-0.24
-0.20
-0.20
-0.22
-0.22
-0.23
-0.23
-0.18
2004
0.01
-0.24
-0.25
-0.23
-0.25
-0.25
-0.25
-0.25
-0.22
-0.22
-0.21
-0.27
-0.22
-0.28
-0.28
-0.29
-0.35
-0.17
-0.18
-0.14
-0.07
-0.33
-0.31
-0.25
-0.16
-0.21
-0.28
-0.22
-0.22
-0.23
-0.23
-0.33
-0.33
-0.33
-0.42
-0.32
-0.32
-0.32
-0.32
-0.31
-0.25
-0.25
-0.31
-0.25
-0.15
-0.15
-0.17
2005
-0.15
-0.15
-0.15
-0.15
-0.15
-0.10
-0.14
-0.23
-0.27
-0.32
-0.35
-0.35
-0.35
-0.35
-0.35
-0.43
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.30
-0.32
-0.31
-0.31
-0.31
-0.30
-0.30
-0.32
-0.28
-0.28
-0.28
-0.30
-0.27
-0.27
-0.27
-0.27
-0.27
-0.27
-0.27
-0.27
-0.23
-0.21
-0.22
-0.22
-0.22
-0.22
2006
-0.21
-0.21
-0.21
-0.19
-0.19
-0.22
-0.22
-0.22
-0.26
-0.26
-0.26
-0.25
-0.26
-0.26
-0.22
-0.18
-0.29
-0.25
-0.25
-0.25
-0.30
-0.30
-0.30
-0.22
-0.30
-0.22
-0.22
-0.22
-0.22
-0.22
-0.22
-0.22
-0.35
-0.35
-0.35
-0.35
-0.33
-0.33
-0.33
-0.33
-0.33
-0.33
-0.33
-0.33
-0.40
-0.40
-0.40
-0.40
2007
-0.34
-0.34
-0.34
-0.34
-0.34
-0.32
-0.30
-0.30
-0.30
-0.26
-0.26
-0.22
-0.22
-0.20
-0.20
-0.06
-0.16
-0.16
-0.17
-0.35
-0.35
-0.35
-0.35
-0.43
-0.52
-0.46
-0.46
-0.49
-0.49
-0.49
-0.48
-0.61
-0.71
-0.70
-0.69
-0.67
-0.67
-0.60
-0.55
-0.53
-0.53
-0.48
-0.46
-0.54
-0.55
-0.55
-0.55
2008
-0.50
-0.50
-0.49
-0.50
-0.45
-0.57
-0.53
-0.50
-0.50
-0.55
-0.58
-0.58
-0.60
-0.59
-0.60
-0.54
-0.83
-0.58
-0.57
-0.58
-0.54
-0.60
-0.60
-0.67
-0.83
-0.96
-0.96
-0.93
-0.80
-0.75
-0.65
-0.65
-0.71
-0.90
-0.92
-0.90
-0.88
-0.88
-0.90
-0.79
-0.69
-0.70
-0.70
-0.60
-0.79
-0.80
-0.79
-0.85
2009
-0.74
-0.71
-0.70
-0.64
-0.63
-0.65
-0.59
-0.60
-0.65
-0.60
-0.51
-0.49
-0.23
-0.49
-0.50
-0.51
-0.62
-0.48
-0.60
-0.59
-0.65
-0.65
-0.50
-0.49
-0.60
-0.60
-0.60
-0.66
-0.60
-0.60
-0.65
-0.65
-0.81
-0.81
-0.81
-0.79
-0.79
-0.78
-0.70
-0.70
-0.70
-0.75
-0.75
-0.75
-0.90
-0.90
-0.90
-0.83
2010
-0.78
-0.88
-0.88
-0.88
-0.84
-0.84
-0.80
-0.80
-0.91
-0.91
-0.91
-0.91
-0.90
-0.87
-0.87
-0.83
-0.97
-1.10
-1.13
-1.13
-1.12
-1.20
-1.30
-1.35
-1.45
-1.38
-1.34
-1.46
-1.65
-1.65
-1.55
-1.55
-1.40
-1.40
-1.30
-1.05
2011
5-yr avg
-0.39
-0.38
-0.38
-0.36
-0.35
-0.37
-0.36
-0.37
-0.42
-0.41
-0.39
-0.39
-0.33
-0.38
-0.37
-0.37
-0.42
-0.35
-0.38
-0.38
-0.43
-0.44
-0.41
-0.41
-0.49
-0.52
-0.51
-0.51
-0.48
-0.48
-0.46
-0.46
-0.55
-0.61
-0.61
-0.60
-0.59
-0.59
-0.56
-0.53
-0.50
-0.52
-0.50
-0.47
-0.57
-0.57
-0.57
-0.57
5-yr min
-0.74
-0.71
-0.70
-0.64
-0.63
-0.65
-0.59
-0.60
-0.65
-0.60
-0.58
-0.58
-0.60
-0.59
-0.60
-0.54
-0.83
-0.58
-0.60
-0.59
-0.65
-0.65
-0.60
-0.67
-0.83
-0.96
-0.96
-0.93
-0.80
-0.75
-0.65
-0.65
-0.81
-0.90
-0.92
-0.90
-0.88
-0.88
-0.90
-0.79
-0.70
-0.75
-0.75
-0.75
-0.90
-0.90
-0.90
-0.85
5-yr max
-0.15
-0.15
-0.15
-0.15
-0.15
-0.10
-0.14
-0.22
-0.26
-0.26
-0.26
-0.25
-0.22
-0.22
-0.20
-0.18
-0.06
-0.16
-0.16
-0.17
-0.30
-0.30
-0.30
-0.22
-0.30
-0.22
-0.22
-0.22
-0.22
-0.22
-0.22
-0.22
-0.28
-0.30
-0.27
-0.27
-0.27
-0.27
-0.27
-0.27
-0.27
-0.27
-0.23
-0.21
-0.22
-0.22
-0.22
-0.22
58
Figure 19. Waverly, Neb. Wheat Basis, Nearby KBOT Wheat Futures, 2005-2010
0.30
-0.20
Basis ($/bu)
-0.70
-1.20
5-yr avg
5-yr min
5-yr max
2010
-1.70
-2.20
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Date
Source: AMS & UNL
59