Re: Monday and Tuesday - Grains.
Backwardation only works with the same crop year.
old crop / New crop is black magic stuff.
Ain't no cost of carry.
I am neither bullish or bearish, however, I've seen some multi-dollar breaks with July at a substantial premium to the Nov (Aug and Sep, as well).
Although, Novie being premium to everything, within its same crop year .... Now, that's contango.