Suppose on $11/15/24$ the Mar $2025$ soybean basis in Champaign, IL $,$ is $-0\mathrm{.}45$ cents$/$bu$.$ This means that:

$$ cash is less than futures by $0\mathrm{.}45$ cents$/$bu$,$ representing a positive carry market.

cash is greater than futures by $0\mathrm{.}45$ cents$/$bu$.,$ representing an inverted market.

the market determined price of storage is negative, suggesting no incentive to store the commodity.

the quality component of the basis is zero given the high quality corn grown in Champaign County, IL