The component of the yield on a long-only commodity futures position that is independent of whether the contract is in contango or backwardation is the:

Collateral yield depends on the yield on T-bills posted as collateral (margin). Roll yield, or the gains and losses that result from entering into a new, longer-dated futures contract as previous contracts expire or are closed out, depends on whether the contract is in contango (futures price greater than spot price) or backwardation (futures price less than spot price). Futures markets for commodities with high convenience yield tend to be in backwardation, while futures markets for commodities with little to no convenience yield tend to be in contango.