Among several different futures contracts, the one with the longest maturity. For example, given three futures contracts, one expiring in March, one in June, and one in September, the back month is the one expiring in September.
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See furthest out.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.