In this episode, Levi interviews Domingo Williams, the head wheat merchandiser for Agrex Inc. They discuss the grain business, the transition from open outcry trading to electronic trading, and the role of futures contracts in managing risk. They also delve into the concept of basis and how it affects the cash price of wheat. They explore the factors that influence the futures market, such as global macroeconomic factors and the actions of speculative entities. They also touch on the topics of spreads and the current market conditions for spring wheat.