QUESTION $23$

During harvest you accumulated a position of $500,000$ bushels of long$-$the$-$basis corn at an average buy basis of $-45$ DEC.

Considering you will carry the corn for a sale to be made later in the season, which of these circumstances would give you

the most profitable outcome? $($Freight excluded.$)$

Spread DEC futures to MAR at a $10$ carry. Sell basis at $-10$ MAR with a total cost$-$of$-$carry of $15.$

Spread DEC futures to MAY at a $20$ carry. Sell basis at $-10$ MAY with a total cost$-$of$-$carry of $20.$

Spread DEC futures to JUL at a $15$ carry. Sell basis at $+5$JUL with a total cost$-$of$-$carry of $25.$

Spread DEC futures to SEP at a $40$ inversion. Sell basis at $+60$ SEP with a total cost$-$of$-$carry of $35.$