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 ur $6$ costof$-$carry.

Purchase corn in January at $+10$ MAR and carry the bushels to deliver in May and June. Spread MAR$/$JUL at $+12$ carry and incur $10\frac{O}{?}$ cost$-$of$-$carry.