Looking at the cotton prices today on ICE,
Exp (Code) - Price
H (Mar'14) - 86.50
K (May'14) - 87.10
N (Jul'14) - 86.58
V (Oct'14) - 79.21
Z (Dec'14) - 77.28
It appears that we have contango up to May'14, then backwardation.
I'm not sure if this is the case with other commodity futures, but...