5/27/24

Commodity:

Soybeans

Price:

11.68

Basis:

-80.00

Delivery Start:

5/1/24

Delivery End:

5/31/24

Commodity:

Soybeans

Price:

11.60

Basis:

-60.00

Delivery Start:

11/1/24

Delivery End:

11/30/24

Above are CASH prices for soybeans to be sold by the end of May and the cash prices for sales at end of November (aka, harvest cash price). It also lists basis for May and November. (Note: you can find futures price for May and November since it gives you cash and basis). The farmer was to sign a Fixed (aka Priced) contract for HARVEST and signs for the appropriate price from above.Now, it's harvest (Nov) and the farmer delivers his soybeans. The futures price at harvest is $12.25, cash price at harvest is $11.35, and so basis is -$0.90. What price does the farmer get for the soybeans he signed a fixed contract for?