When a convenience yield is associated with a commodity, the futures price on that commodity becomes a range, rather than a single value.  The range is expressed in the following formula:

S₀e^{(r + λ - c)T} ≤ F_0,T ≤ S₀e^{(r + λ)T}

Using this formula, we can calculate the range of futures prices acceptable for the soybean and soybean oil futures contracts as follows:

Soybeans: 5.83e^{(0.11 + 0.63 – 0.06)0.25} ≤ F_0,0.25 ≤ 5.83e^{(0.11 + 0.63)0.25}; 6.91≤ F_0,0.25 ≤ 7.01

Soybean Oil: 0.27e^{(0.11 + 0.03 – 0.06)0.5} ≤ F_0,0.5 ≤ 0.27e^{(0.11 + 0.03)0.5}; 0.28≤ F_0,0.5 ≤ 0.29

For a crush spread, the investor goes long (short) a soybean futures contract and then takes a short (long) position in a soybean meal futures contract.