The article explores how commodity futures prices are influenced by factors like interest rates, warehousing costs, and convenience yields. It shows that the basis (difference between futures and spot prices) can change due to these factors. Additionally, the study finds that futures prices can be split into an expected premium and a forecast of the spot price at maturity. The researchers discovered that some commodities have forecast power, meaning their futures prices can predict spot prices, and that expected premiums can vary over time for certain commodities.