October futures contract is $7.80/bu. Basis is $0.22 What is expected local price in October? You sell an October futures contract now for $7.80 and $0.01/bu commission If futures & local prices stay the same.

What can you expect to make in October? 

In October: You have 5,000 bushels due to deliver on the futures contract you sold in May for $7.80/bu The cost of buying an October futures to offset your May futures sale is actually only $7.25 and you buy one.

Your local elevator is currently paying $8.10/bushel so you can calculate the current basis?