Scenario 1: Higher Futures, Stable Basis Date Cash Futures Basis April Planting is underway and the local cash price for September delivery is $11.80. Sell September rice futures. Futures price: $12.20 Expected harvest basis is - 40 or 40 cents under the September futures contract. September (harvest) Sell rice at the local elevator for $12.80. Lift the hedge and offset your September rice futures position at $13.20 What is the harvest basis? Results What price did you receive in the cash market? What was your gain or What final price did you loss in the futures receive for your rice? market? S/cwt. S/cwt. $/cwt