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Iamp;#39;d like to illustrate one of the toughest ideas for new students of futures pricing and that is the theory of normal backwardation this theory tells us that the theoretical futures price thatamp;#39;s F sub 0 a price that is predicted or given to us by the cost of carry model should be for most commodities less than the expected future spot price Iamp;#39;m first assuming a consumption commodity with a spot price of $10 spot price is denoted of course s Sub Zero and itamp;#39;s the price we would pay or receive to exchange the commodity immediately and generally itamp;#39;s going to be observable Iamp;#39;m also assuming that the risk-free rate is 3% per annum and the maturity on my futures or forward contract is 1 year also because itamp;#39;s the storage because itamp;#39;s a consumption commodity probably it has a storage cost Iamp;#39;m still following John holes notation so Iamp;#39;ll use a small you for that and assume just arbitrarily that the storage cost us
