The Variable Storage Rate (VSR) concept in Chicago Board of Trade (CBOT) Wheat futures examines nearby calendar spreads to determine adjustments in contract premium (storage) charges. The July – September wheat calendar spread averaged 63.2% of financial full carry during the period of May 23, 2011 through June 24, 2011. Since this result is between 50% and 80% of financial full carry, the maximum premium charge that a wheat regular delivery facility may charge holders of its outstanding shipping certificates will remain at 66.5/100s of one cent per bushel per day (approximately 20 cents per bushel per month).
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