Basis Grade
The minimum accepted standard that a deliverable commodity must meet to be used as the actual of a futures contract. Also known as "par grade" or "contract grade."

Investopedia Says:
Basis grade is important for futures investors for maintaining uniformity, since a given commodity (e.g. oil) may vary drastically in quality. For example, the basis grade of crude futures contracts is set according to certain levels of hydrogen and sulfur in crude oil.

Related Terms:
Actual
Allowances
Approved Delivery Facility
Cash Commodity
Cash Settlement
Certificated Stock
Futures Contract
Futures Market
Sour Crude
Sweet Crude

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