July basis contracts (and long July futures positions) need to be rolled or priced (liquidated, cashed out) by the close of business Wednesday this week, the 29th. Deliveries, if any, on July futures will be assigned to owners of long July positions the evening of the 29th. You nor your merchandiser want to own cash grain in a Chicago Board of Trade Approved Warehouse on the Illinois River. It is not the end of the world, but expensive (8 to 14 cents a bushel) to sell it.
A July basis contract is a long (buy) position in July futures.
If you expect futures to move higher after Wednesday, you want to roll the July position from July to a deferred month, probably September, but it could be any futures contract month.
The process is quite simple, but you need to understand it.
To liquidate the long (buy) July futures position, July futures must be sold.
To re-establish the long futures position, another contract month must be bought. Let’s say you chose the September.
Now get this: