Consider three mutually commuting observables from Mermin's square, A_1=σ_x⊗I, A_2=I⊗σ_x, A_3=σ_x⊗σ_x, where σ_x is the Pauli operator and I is the identity operator. We can see that R=(A_1)(A_2)(A_3)=I.
According to the Non-Contextual Realist model v(R)=v(A_1)v(A_2)v(A_3) and is valid for both simultaneous and subsequent measurements. Here v(X) is the outcome of individual measurement of X. As R=I, v(R)=v(I)=+1 only. This implies, v(A_1)=1/(v(A_2)v(A_3)). In any measurement the outcome is random, it can be either +1 or -1.
But in case we measure all the three observables simultaneously, the outcomes of at most two observables can be random because the outcome of other observable is constrained by the previous equation and is therefore definite.
According to this analysis, in the case of subsequent measurements, once we measure two observables the outcome of third one can be known even without measuring it.
But does it really happen?
And please let me know if there are any mistakes in my interpretation.