Personal opinion: Generally speaking, the forward price is higher than the recent one, because the further the storage and normal loss are, the higher it is.

You may be talking about new and old agricultural products, for example, the harvest season of sugar is around 1 1, that is, the contracts of11and 0 1 represent old sugar this year and new sugar next year, which are two completely different targets. According to the supply and demand of output, it is normal that the price difference is large.

The price difference between the forward contract and the recent contract with the same target is mainly reflected in the expectation of the future, especially the expectation of the spot dealer for the forward.