Backwardation

The seller's postponement of delivery of stock or shares, with the consent of the buyer, upon payment of a premium to the latter; -- also, the premium so paid. See Contango.

the market condition wherein the price of a forward or futures contract is trading below the expected spot price at contract maturity.; "In Treatise on Money (1930, chapter 29), economist John Maynard Keynes argued that in commodity markets, backwardation is not an abnormal market situation, but rather arises naturally as ‘normal backwardation’ from the fact that producers of commodities are more prone to hedge their price risk than consumers."