Variable Storage Rates (VSR)

The Commodity Futures Trading Commission approved Variable Storage Rates (VSR) in CBOT Wheat futures contracts beginning with the July 2010 contract expiration. VSR is a market-based determinant of maximum allowable storage charges for outstanding wheat shipping certificates. It triggers higher maximum allowable storage charges that allow wider spreads when spreads are near financial full carry and lower maximum allowable storage charges when spreads are narrow or inverted.

Nearby spreads that average 80 percent of financial full carry or greater will trigger an increase in maximum allowable storage charges by 10/100s of one cent per bushel per day (approximately 3 cents per bushel per month) following the nearby delivery period. Conversely, nearby spreads that average 50 percent of financial full carry or less will trigger a decrease in maximum allowable storage charges by 10/100s of once cent per bushel per day following the nearby delivery period. Should nearby spreads average over 50 percent of financial full carry and less than 80 percent of financial full carry, the maximum allowable storage charges will remain the same as in the previous period. There is no upper limit for maximum allowable storage charges under VSR, but the minimum rate is 16.5/100s of one cent per bushel per day.

The Jul-Sep spread triggered an increase in maximum allowable storage charges. Beginning on July 18, 2014, the maximum allowable storage charge for all outstanding Wheat shipping certificates is $0.00265 per bushel per day. Click here to read more.

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