date:May 30, 2013
xample, in the strong price market of May 2013, one canola buyers local cash price is C$656/tonne. The nearby July canola future is at C$645/tonne. Cash price of C$656 minus futures price of C$645 equals +C$11/tonne spot basis. Sometimes this is referred to as an over basis, specifically C$11 over the July futures.
A deferred delivery basis is calculated in a similar way, except that the deferred cash and deferred futures prices are used in the calculation. Currently, basis levels for fall 2013