Intracommodity spreads are done to trade price discrepancies between different months of the same commodity. This can often be the most common type of the three listed spreads. The carrying charge from one contract month to another is often an important consideration in doing this type of spread.

For most commodities, a bull spread means buying the near month and selling the distant month. Buying July coffee and selling September coffee is an example of a bull spread. For most commodities, a bear spread refers to selling the near month and buying the distant month. Selling July coffee and buying September coffee is an example of a bear spread.

This terminology arises from the fact that when some markets rally the near term contract may rise more than the further out months. When the market drops the near term contract may drop more than the further out months.