The following are soybean prices as of 11/17/2025Jan 2026 =…

The fоllоwing аre sоybeаn prices аs of 11/17/2025Jan 2026 = $11.54 /bu.Jul 2026 =  $11.72 /bu. Note that the Jan 2026 - Jul 2026 spread is -0.18 (Jan < Jul).  Briefly describe the spread you would place on 11/17/2025 if you believe the spreads are going to narrow over time.  In doing this describe the position you would take in the Jan 2026 contract, the position you would take in the Jul 2026 contract, and whether the spread is a bull spread or bear spread. Partial credit will be given if appropriate.