Basis represents the difference between futures and cash prices. Each ADM facility determines its own basis. It reflects what grain is worth in certain areas by assessing local supply and demand factors, market delivery locations and freight costs associated with moving grain to those facilities. Delivery locations change constantly. They can be export facilities, local feed markets, ethanol plants, or any number of businesses that purchase grain for processing, feed, or other uses. Basis is also a type of contract ADM offers. It allows the customer to lock in the basis piece of the final contract price. There is no fee to enter this contract. Rolling policies vary by location.