Staring ahead while standing on a railroad, it appears the rails converge on the horizon. But as we walk forward, we find the convergence is an illusion and the rails remain as far apart as where we started. That separation is fine if you're running arailroad. It's not fine if you're hedging wheat, anticipating that cash and futures prices will come together; converge, when you reach the futures delivery month. Soft red wheat basis in many markets has resembled those railroad tracks for nearly two years — convergence remains elusive.
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