来自《耶鲁大学开放课程：金融市场第21集第21集》

So, the basis should get smaller

因此基差会变小
because we're getting closer to the expiration date

因为距到期日越来越近
because now it's only one-month interest.

因为现在只有1个月的利息
Well actually, it's even less; we're almost expiring;

实际上更少些因为马上要到期了
I wasn't thinking when I first saw that.

我刚才看到的时候没想到这点
The basis should shrink to zero as the time--

随着距合约到期日越来越近
as you approach the expiration of the contract.

基差应该向零靠拢
Someone in a warehouse who's worried about the fluctuation

担心价格波动的谷物库存者
in the grain will sell it in the futures market

希望在期货市场出售谷物
and then expect to get the basis

然后获得基差收益
because it doesn't matter what the price of grain does;

因为基差不受谷物价格影响
the spot and the futures price should converge.

现货和期货价格会收敛