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Basis Quote

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Basis Quote
A method for simplifying and shortening the quoted price of a futures contract. Used in the futures markets, a basis quote gives the variation above or below the price of a futures contract.

Notes:
For example, a basis quote for pork bellies at $3 above January expiry can easily be converted to the actual price by finding the price of a January pork belly contract and adding $3 to the price.


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In many cases elevators are edgy about signing forward contracts that far out, so the basis quote is horrendous.
 
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