phillipe mitterrand is a commodities trader based in chicago. He is reviewing the price structures of two liquid physical commodities, X and Y. He observes that lon-term futures contracts on commodity X cost less that short-term contracts on commodity X. He also observes that the market for commodity Y is in contango and commodity y is in normal backwardation. The futures price of commodity Y is:

a.

b. > spot price and > its expected future spot price

c. >spot price and < ts expected future spot price

d. < spot price and > its expected future spot price