1. Suppose you observe the following spot and futures prices for crude oil, corn, and gold:

Date	Crude Oil	Corn	Gold
Current spot price	$65.32/barrel	$4.65/bushel	$1,678/ounce
December 2021 futures price	$61.10/barrel	$4.95/bushel	$1,688/ounce

You study the LIBOR and storage markets and determine that the convenience yield for corn is zero and there is a positive convenience yield for crude oil. What, if any, information do these spot and futures prices give you about market beliefs regarding crude oil, corn, and gold? Your answer could focus on whether the spot and futures prices contain information about market expectations for price changes between now and December, as well as whether the spot and futures prices contain information about relative expected market conditions now versus in December.