"Note: when looking at spread values it is important to convert spreads into the same number of months, a 2 month spread into a 3 month (2 mos/2 x 3), or a 3 month into a two month, etc."
I am more interested to the kind of spread that are called "new crop - old crop". So in this case I do not see the point of trying to convert anything. For coffee C particularly in Brazil new crop is December and old crop July isn't it if you are let's say in February to May of a given year?
Therefore my first graph was in the spirit of reviewing "new crop - old crop".
Concerning the way to express the spread you are right my broker display the same. However in term of displaying the result on the graph (unless thing has changed since 2004 date of the book), then my first graph was more appropriate. Of course at the end it is the same information.
I quote the part coming before the screenshot:
"As with the grains, it makes sense to define the spread
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