Basis

Local price vs futures — market assessment

Prices

Basis = local price − futures. Negative basis — local below exchange (normal for Ukraine: −$20…−$60 depending on logistics). Positive — shortage. Hedging fixes the futures part; basis stays open — its movement is your risk. Forward contract = futures + locked basis. Watch basis seasonally: it's weakest right after harvest.

Basis

-35 $/т

Normal for UA