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For seasonal commodities, which statement is true? a. Convenience yield is constant for any maturity and positive b. Convenience yield changes from positive to negative

For seasonal commodities, which statement is true?

a. Convenience yield is constant for any maturity and positive
b. Convenience yield changes from positive to negative depending on seasonal demand and supply
c. Convenience yield is constant for any maturity and negative
d. Forward curve is in backwardation early in the season, and in contango late in the season

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