SPREAD

l) Positions held in two different futures contracts, taken to profit from the change in the difference between the two contracts' prices; e.g., long a January Soybean contract and short a March Soybean contract would be a bull spread, used to profit from a narrowing in the difference between the two prices; 2) The difference between the prices of two futures contracts. If January beans are $6.15 and March beans are $6.28, the spread is -.13 or 13› under ($6.15 - 6.28 = -.13).