PROBLEM 6. On February 12, 2020, the spot price of corn was $3.7850/bu. On the same day, the following closing prices were recorded for the futures contracts on CME: Contract Month Settlement Price Mar-20 May-20 Jul-20 Sep-20 Dec-20 Mar-21 May-21 Jul-21 Sep-21 Dec-21 Mar-22 May-22 Jul-22 Sep-22 Dec-22 $3.8400 $3.7825 $3.5050 $3.4375 $4.0100 $4.1350 $4.0775 $3.7600 $3.9800 $3.7425 $3.6800 $3.8225 $3.3900 $3.7750 $4.1175 For each contract month, determine whether the contract is in contango or in backwardation