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 December 2011 – March 2012 wheat calendar spread averaged 47.3% of financial full carry during the period of September 19, 2011 through November 25, 2011. Since this result is less than 50% of financial full carry, the maximum premium charge that a wheat regular delivery facility may charge holders of its outstanding shipping certificates will be lowered from 66.5/100s of one cent per bushel per day (approximately 20 cents per bushel per month) to 56.5/100s of one cent per bushel per day (approximately 17 cents per bushel per month).
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