ABSTRACT
Accurately anticipating basis at the end of a futures contract's life and basis changes during the contract is critical to successful forward pricing through hedging. Bases for the October, December and March futures contracts tended to strengthen during the nearby periods for Dallas, Lubbock and Memphis spot quotations. Dallas and Lubbock bases may have strengthened during 1979-1988. Means, standard deviations and ranges are provided for various bases by location, contract and subperiods.
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