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 May 2013 – July 2013 wheat calendar spread averaged 21.93 percent of financial full carry during the period of March 19, 2013 through April 26, 2013. Since this result is below 50 percent of financial full carry and since current Wheat storage rates are at their minimum, 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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