who trades the back months ... and why?

Just wondering who trades, say, the June or even the September contract now, when almost all the liquidity is in the March contract.

Thanks

 

Hedgers who don't want to roll contracts

 

But such small amounts? Why bother?

 

1) Option traders can want those months for a hedge.
2) There can be scalpers who hope for 2-sided order flow on a "wide" bid-ask spread.
3) There can be traders doing calendar spreads with March and a deferred month.
4) There can be an "arb" between the cash and futures if a trader's valuation model suggests the deferreds are cheap/expensive.