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 May 2012 – July 2012 wheat calendar spread averaged 27.74% of financial full carry during the period of March 19, 2012 through April 20, 2012. 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 46.5/100s of one cent per bushel per day (approximately 14 cents per bushel per month) to 36.5/100s of one cent per bushel per day (approximately 11 cents per bushel per month) on May 18, 2012.
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