DEFINITION of 'Basis Quote'
A method for simplifying and shortening the quoted price of a futures contract. Used in the futures markets, a basis quote gives the variation above or below the price of a futures contract.
BREAKING DOWN 'Basis Quote'
For example, a basis quote for pork bellies at $3 above January expiry can easily be converted to the actual price by finding the price of a January pork belly contract and adding $3 to the price.