3. Here is the corn futures curve on October 16,2015 : a. [10 points] Corn is only harvested in the US during September and October. Briefly explain why the futures curve is falling (i.e., in backwardation) across harvests (e.g., from Jul-16 to Sep-16) b. [10 points ] Several years ago, on October 16, 2006, the futures price for the December 2006 maturity corn futures contract was 321 cents/bushel. Using this information with the above futures curve, what can you infer about the supply of corn in October 2006 as compared to October 2015? Briefly explain