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I'm not going to store grain; I'll unload my warehouse.
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Why should I store grain for another minute?
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If I'm a professional warehouse offer
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and I see that I can make more money by selling my grain today,
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then I will do it.
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Conversely, if the futures price is above the spot price,
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then I'm going to want to store more grain.
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I'm going to go out and buy up other grain
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and that's going to tend to force the spot price up.
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So, this relationship tends to hold almost all the time
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or you might say it holds all the time, if you interpret it correctly.
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Normally, the futures price is above the cash price