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It is currently December and you have the opportunity to make a soybean sale for December delivery at + 1 0 JAN. If you make

It is currently December and you have the opportunity to make a soybean sale for December delivery at +10 JAN. If you make the sale it will put you in a position of short-the-basis. You intend to purchase the soybeans to fill the sale in January when the basis is trading against the MAR. Which of the following pre-spread orders would you consider entering to provide the best structure for your anticipated short-the-basis position?
Buy MAR / Sell JAN at a 5 premium to the MAR
Buy JAN / Sell MAR at a 5 premium to the MAR
Buy MAR / Sell JAN at a 5 premium to the JAN
No spread is needed.

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