The contract price of soybean was low in May and high in July. The spread means that the high price (July) is higher than the low price (May), so how high (July) and low price (May) should be short?
The answer is B.
If the price is exchanged in May and July, it is necessary to make high and short low. The answer is a.
the second question
Royalty income 30+ 10=40
Price difference income
The first call option with the exercise price of 1200 is not exercised because the price is lower than the exercise price of 1 120.
The second put option with the exercise price of 1000 was not exercised because the price was higher than the exercise price of 1 120.
The total profit is 40 pounds.