A futures contract is typically referred to by its delivery month. For example, today's July...

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Accounting

A futures contract is typically referred to by its delivery month. For example, today's July 2021 futures contracts on a commodity are meant for delivering the commodity in July 2021 at today's July 2021 futures price.

Briefly explain that if on some day t2 during the delivery month July 2021 the July 2021 futures price F_t2 of the commodity is greater than the commodity's spot price S_t2 on that day t2, then there might be a possibility for an arbitrage opportunity.

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