What semantic notions underlie any sense of 'backwardness' (like "backward" or "backwards"), with the meaning of 'backwardation' below? [Etymonline overlooked this term.](https://www.etymonline.com/search?q=backwardation) [*OED*](https://www-oed-com/view/Entry/14480?redirectedFrom=backwardation#eid) is too brusque and doesn't expound the etymology.
John Hull. [*Options, Futures, and Other Derivatives* (2017 10 edn)](https://www.amazon.com/Options-Futures-Other-Derivatives-10th/dp/013447208X). p 129.
>## Normal Backwardation and Contango
>
>When the futures price is below the expected future spot price, the situation is known as
***normal backwardation***; and when the futures price is above the expected future spot
price, the situation is known as ***contango***. However, it should be noted that sometimes
these terms are used to refer to whether the futures price is below or above the current
spot price, rather than the expected future spot price.
>[![enter image description here][1]][1]
[1]: https://i.stack.imgur.com/LC1dD.jpg
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I'm posting [this question](https://english.stackexchange.com/q/534877) here though it isn't mine because I'm hankering for some second opinions.
