KANSAS CITY, MISSOURI, U.S. — The Kansas City Board of Trade’s Wheat Contract Committee on Oct. 13 unanimously approved revised storage rule recommendations for the exchange’s wheat futures contract with the primary goal of transferring basis volatility to the futures spread.

The proposal raises the maximum base storage rate for regular elevators on grain delivered on futures contracts from 4½ cents per bushel per month to 6 cents per bushel per month from Dec. 1 to June 30 and adds a harvest storage premium of 3 cents per bushel per month from July 1 to Nov. 30, resulting in a storage and insurance rate of 9 cents per bushel per month for the latter period, with payment of storage on outstanding warehouse receipts up to the first day of each delivery month.

Pending KCBT board, membership and Commodity Futures Trading Commission approval, the change would be effective Sept. 1, 2011.