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+A Complete Guide to the Futures mArket
+ 3. s preads involving a spot month near expiration can move independently of, or contrary to, the 
+direction implied by the general rule. the reason is that the price of an expiring position is criti-
+cally dependent upon various technical considerations involving the delivery situation, and wide 
+distortions are common.
+ 4. A bull move that is primarily technical in nature may fail to influence a widening of the nearby 
+premiums since no real near-term tightness exists. (
+such a price advance will usually only be 
+temporary in nature.)
+ 5. g overnment intervention (e.g., export controls, price controls, etc.), or even the expectation 
+of government action, can completely distort normal spread relationships.
+therefore, it is important that when initiating spreads in these commodities, the trader keep in 
+mind not only the likely overall market direction, but also the relative magnitude of existing spread 
+differences and other related factors.
+Commodities Conforming to the Inverse of the General rule
+some commodities, such as gold and silver, conform to the exact inverse of the general rule: in a ris-
+ing market distant months gain relative to more nearby contracts, and in a declining market they lose 
+relative to the nearby positions. In fact, in these markets, a long forward/short nearby spread is often a good 
+proxy for an outright long position, and the reverse spread can be a substitute position for an outright short. 
+in 
+each of these markets nearby months almost invariably trade at a discount, which tends to widen in 
+bull markets and narrow in bear markets.
+the reason for the tendency of near months in gold and silver to move to a wider discount in a 
+bull market derives from the large worldwide stock levels of these metals. generally speaking, price 
+fluctuations in gold and silver do not reflect near-term tightness or surplus, but rather the market’s 
+changing perception of their value. 
+in a bull market, the premium of the back months will increase 
+because higher prices imply increased carrying charges (i.e., interest costs will increase as the total 
+value of the contract increases). Because the forward months implicitly contain the cost of carrying 
+the commodity, their premium will tend to widen when these costs increase. Although the preced-
+ing represents the usual pattern, there have been a few isolated exceptions due to technical factors.
+Commodities Bearing Little or No relationship to the General rule
+Commodities in which there is little correlation between general price direction and spread differ-
+ences usually fall into the category of nonstorable commodities (cattle and live hogs). W e will exam-
+ine the case of live cattle to illustrate why this there is no consistent correlation between price and 
+spread direction in nonstorable markets.
+Live cattle, by definition, is a completely nonstorable commodity. When feedlot cattle reach mar-
+ket weight, they must be marketed; unlike most other commodities, they obviously cannot be placed 
+in storage to await better prices. (
+to be perfectly accurate, cattle feeders have a small measure of 
+flexibility, in that they can market an animal before it reaches optimum weight or hold it for a while 
+after. However, economic considerations will place strong limits on the extent of such marketing