Under a reverse cash and carry arbitrage strategy, the arbitrageur simultaneously: sells the commodity for delivery at a later date in the futures market and sells the commodity for delivery at an earlier date in the futures market. sells the commodity for immediate delivery in the spot market and buys the same commodity for delivery at a later date in the futures market buys the commodity for immediate delivery in the spot market and sells the same commodity for delivery at a later date in the futures market buys the commodity for delivery at a later date in the forward market and sells the commodity for delivery at the same date in the futures market