CONTANGO WATCH: WTI steepened its contango by almost 2 percent last week, the trend across most of the one-year forward curve.

ROLL COSTS: It costs investors 7.37 percent annualized to roll front-month WTI contracts, up from a cost of 5.59 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Brent continued to widen its backwardation last week, contrasting sharply with the firm 6.04 percent contango of the five-year average historical roll for this date.

ROLL COSTS: Investors net 11.85 percent annualized from rolling front-month Brent contracts, up from a net of 7.56 percent.

BOTTOM LINE: Backwardation

CONTANGO WATCH: After a brief respite with last week's narrowed contango, natural gas has widened into even-steeper contango typical during this time of the year.

ROLL COSTS: It costs investors 218.01 percent annualized to roll front-month natural gas contracts, up from a cost of 172.09 percent.

BOTTOM LINE: Steep Contango

CONTANGO WATCH: Gold continues to be in mild contango, although it narrowed slightly last week.

ROLL COSTS: It costs investors 0.42 percent annualized to roll front-month gold contracts, down from a cost of 0.73 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Contango has narrowed in silver at the front end of the forward curve following last week's falling prices.

ROLL COSTS: It costs investors 3.65 percent annualized to roll front-month silver contracts, down from a cost of 3.79 percent.

CONTANGO WATCH: While platinum remains in mild contango, it has narrowed by half.

ROLL COSTS: Investors paid 0.76 percent annualized from rolling front-month platinum contracts, down from a cost of 1.35 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Palladium's peak into contango at the very front end of the curve steepened before flattening thereafter.

ROLL COSTS: Investors paid 4.54 percent annualized from rolling front-month palladium contracts, up from a cost of 3.89 percent.

BOTTOM LINE: Contango to Flat

CONTANGO WATCH: Copper has dipped out of its mild contango into mild backwardation; however, the one-year forward curve remains in constant contango thereafter.

ROLL COSTS: Investors net 0.38 percent annualized to roll front-month copper contracts, down from a cost of 0.07 percent.

BOTTOM LINE: Mild Backwardation to Contango

CONTANGO WATCH: The aluminum forward curve steepened slightly while remaining in steady contango.

ROLL COSTS: Front-month roll costs rose to 8.16 percent annualized from 7.92 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: While zinc remains in contango across the one-year forward curve, it narrowed slightly last week.

ROLL COSTS: It costs investors 8.27 percent annualized to roll front-month zinc contracts, down from a cost of 8.55 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Lead has moved into backwardation at the front end of the curve, moving into contango thereafter.

ROLL COSTS: Investors net 3.51 percent annualized to roll front-month lead contracts, down from a flat cost of zero.

BOTTOM LINE: Backwardation to Contango

CONTANGO WATCH: Nickel narrowed its contango while remaining in steady contango throughout the forward curve.

ROLL COSTS: It costs investors 1.36 percent annualized from rolling front-month nickel contracts, down slightly from a cost of 1.50 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: The tin forward curve has flattened before plunging again into backwardation across the one-year forward curve.

ROLL COSTS: It costs investors nothing to roll front-month tin contracts, up from a net of 1.40 percent.

BOTTOM LINE: Flat to Backwardation

CONTANGO WATCH: Corn has moved into mild contango following rising prices after the U.S. Department of Agriculture reported lower-than-expected export sales.

ROLL COSTS: It cost investors 1.08 percent annualized from rolling front-month corn contracts, up from a net of 1.17 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Wheat's contango continued to steepen last week, rising almost 2 percent.

ROLL COSTS: Wheat's annualized front-month roll costs rose from 5.09 percent to 6.97 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Soybeans narrowed their mild contango on the way back into the backwardation that dominates the one-year forward curve.

ROLL COSTS: It costs investors 0.68 percent annualized from rolling front-month soybeans contracts, down from 0.87 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Live cattle curve remains in contango, widening slightly.

ROLL COSTS: It costs investors 20.34 percent annualized to roll front-month live cattle contracts, up from a cost of 18.90 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: The front end of the lean hogs forward curve continues to narrow its contango, while the back end is still firmly in backwardation.

ROLL COSTS: It costs investors 50.36 percent annualized to roll front-month lean hogs contracts, down from a cost of 55.45 percent.

BOTTOM LINE: Contango to Backwardation

CONTANGO WATCH: Coffee is in contango throughout the one-year forward curve, steepening slightly.

ROLL COSTS: It costs investors 11.43 percent annualized to roll front-month coffee contracts, up from a cost of 10.74 percent.

CONTANGO WATCH: Cocoa moved deeper into its mild contango last week, with the trend continuing across most of the one-year forward curve.

ROLL COSTS: It costs investors 1.86 percent annualized to roll front-month cocoa contracts, up from a cost of 1.46 percent.

CONTANGO WATCH: Sugar narrowed its steep backwardation slightly at the front end of the curve.

ROLL COSTS: Investors net 2.45 percent annualized from rolling front-month sugar contracts, down from a net of 2.94 percent.

CONTANGO WATCH: Cotton came out of backwardation into contango again following last week's harvest speculations.

ROLL COSTS: Cotton's annualized front-month roll rose from a net of 9.28 percent to cost investors 2.67 percent.

BOTTOM LINE: Contango