Wheat is sold by weight. That is something I overlooked and a good lesson. Never fiddle with numbers when you should be sleeping to reset your brain.
In a couple of posts I included a chart that attempted to state wheat basis as a negative value.
The problem was when working back off Minneapolis futures I converted to Imperial bushels first which requires that you take into account the difference in size between a bushel stateside and one in Canada. That step was totally unnecessary because wheat is sold by weight on both sides of the border. 60 pounds is 60 pounds.
In another try at getting into even more trouble I will post the chart again with an update for the past week.
In a couple of posts I included a chart that attempted to state wheat basis as a negative value.
The problem was when working back off Minneapolis futures I converted to Imperial bushels first which requires that you take into account the difference in size between a bushel stateside and one in Canada. That step was totally unnecessary because wheat is sold by weight on both sides of the border. 60 pounds is 60 pounds.
In another try at getting into even more trouble I will post the chart again with an update for the past week.