You negotiate a sale with a processor in which you sell them corn at a basis of +15 JUL for May/June shipment. It is currently January and you have no ownership of corn at this time (all your ownership has already been sold and shipped). Having made this sale without currently owning grain, which of these circumstances would be your best alternative to purchase the bushels? Purchase corn in May at +25 JUL and incur no cost-of-carry. Purchase corn in May at -10 JUL and incur no cost-of-carry. Purchase corn in March at -10 MAY and carry the bushels to deliver in May and June. Spread MAY/JUL at 4 carry and incur 64 cost-of- carry O Purchase corn in January at +10 MAR and carry the bushels to deliver in May and June. Spread MARIJUL at +12 carry and incur 10 cost-of- carry You negotiate a sale with a processor in which you sell them corn at a basis of +15 JUL for May/June shipment. It is currently January and you have no ownership of corn at this time (all your ownership has already been sold and shipped). Having made this sale without currently owning grain, which of these circumstances would be your best alternative to purchase the bushels? Purchase corn in May at +25 JUL and incur no cost-of-carry. Purchase corn in May at -10 JUL and incur no cost-of-carry. Purchase corn in March at -10 MAY and carry the bushels to deliver in May and June. Spread MAY/JUL at 4 carry and incur 64 cost-of- carry O Purchase corn in January at +10 MAR and carry the bushels to deliver in May and June. Spread MARIJUL at +12 carry and incur 10 cost-of- carry