It measures the benefits obtained, or expected to be obtained, from ownership and possession of a consumption asset that otherwise are neither available to, nor enjoyed by, the holders of a long futures contract on that very asset. The convenience yield bespeaks the market’s outlook as to future availability of the commodity. The more possible that shortages will arise, the higher the convenience yield. If inventories held by consumers of that commodity are satisfactorily high, shortages in the foreseen future are less likely, and consequently, the convenience yield tends to be low. In contrast, if inventories are low, shortages are more possible, and the convenience yield is expected to be higher.