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The current spot price for wheat (per bushel) is $11. The theoretical 6 months forward price is $11.50. The observed (in the market) 6 months

The current spot price for wheat (per bushel) is $11. The theoretical 6 months forward price is $11.50. The observed (in the market) 6 months forward price is $12. Does this represent an arbitrage opportunity? If so, how would you take advantage of the arbitrage?

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