currently about 17/18 pips lower on the new June contract for instance at 6:40pm pst: 6E 1.3918 v spot 1.3935 "Backwardation is the name for the condition that the market quotes a lower price for a more distant delivery date, and a higher price for a nearby delivery date." http://en.wikipedia.org/wiki/Normal_backwardation "Good bull markets should always and everywhere see contangos narrow and eventually should see contangos disappear and backwardations develop." - Dennis Gartman and from attached pdf "Markets can move to a backwardation when and only when demand outpaces supply. A backwardated market is simply the term structures way of forcing a storable commodity out of storage in order to meet rising demand. Indeed, it is a general rule amongst grain traders to "Never sell a backwardated market," for the backwardation speaks loudly of strong demand."