Today is the first delivery day in May for the May corn futures contracts. Futures trading still is in progress. You have the following price information:

• Settlement price on the previous trading day: $6.00/bu.
• In the May corn futures market, the best bid is $5.99/bu. and the best ask is $6.01/bu.
• In the spot market for corn, the price is $5.80/bu.

Does a risk-free arbitrage opportunity exist, and if so, what strategy will allow you to profit?

Group of answer choices

No, an arbitrage opportunity does not exist, because the settlement price is between the best bid and ask quotes.

Yes: open a long position in the May corn futures, file notice of intention to take delivery, and sell the corn in the spot market.

Yes: sell the corn in the spot market, open a short position in the May corn futures, and file notice of intention to deliver.

Yes: buy the corn in the spot market, open a long position in the May corn futures, and file notice of intention to take delivery.

Yes: buy the corn in the spot market, open a short position in the May corn futures, and file notice of intention to deliver.