I was watching an interview on Bloomberg with Mihir Worah, who manages a big PIMCO commodity fund. http://www.bloomberg.com/video/64561610/ starting around 4:25: "When sugar was at its peak in Jan-Feb around 30 cents a pound, we sell the May front month which is where the demand is and we buy the back months." Does this necessarily make sense? Why does he mention last Feb. (which of course was a major peak) but not the recent peak? I have ben monitoring this spread and it seems to have widened if anything as Sugar crashed in the past week.