Seasonal rash in the November contract flattened views of the date structure should be for investors in the commodities sector the regular repertoire part. Many important details are here brought together in a single curve. While end of May 2009 the futures curve by fattening beef showed up still a generally rising curve of date to contract maturity in November 09, this seasonal pattern to the current time has calmed down. A total elevated price levels no longer exists the price spike of the November futures. The futures curve from the next due date is currently (September 09) in a very slight backwardation to the November date.
Following this situation intensified up to April 10, where a low point is achieved with 102,20 US cents. Total futures prices are about 3 U.S. cents currently on a higher level than it did even in late May this year. This change would have been economically interesting for investors. You had a spread position end of may can build. By then selling of a November contract at simultaneous long position in the next due date (August 2009), profits in the amount of 0.5 U.S. cents per American pounds would have been possible. The typical to the CME contract size of 50,000 American pound this relative value a profit of $ 250 per contract for trade would have provided strategy.