Back Month
Any futures contract month beyond the front month; typically less liquid and used for hedging or spread strategies.
A back month is any futures contract expiring after the front month. Back months carry less open interest and wider spreads because less speculative activity reaches that far out. They are used primarily by hedgers (locking in prices months ahead), spread traders, and institutions building large positions over time.
Back-month pricing reflects the market's expectations about the underlying over a longer horizon and embeds cost-of-carry (interest, storage, dividends) into the price differential vs. the front month.