The Variable Storage Rate (VSR) mechanism in Chicago Board of Trade (CBOT) Wheat futures examines nearby calendar spreads to determine adjustments in contract premium (storage) charges. The March 2013 – May 2013 wheat calendar spread averaged 64.09% of financial full carry during the period of December 19, 2012 through February 22, 2013. Since this result is between 50 and 80 percent of financial full carry, the maximum premium charge that a wheat regular delivery facility may charge holders of its outstanding shipping certificates will not change from the current maximum charge of 16.5/100s of one cent per bushel per day (approximately 5 cents per bushel per month).
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