In May, Mr. Smith planted a wheat crop that he expects to harvest in September. He anticipates the September harvest to be 100,000 bushels. While he expects wheat prices to increase, he would still like downside protection against any unexpected decrease in wheat prices. Suppose there is a September wheat futures put contract available with an exercise price of \(X=\$4.40 / \mathrm{bu}\). (contract size of 5,000 bushels), expiring at the same time as underlying September wheat futures, and currently trading at \(\$0.05\). Explain how Mr. Smith could obtain downside protection by buying the put. Show in a table Mr. Smith's hedged revenue at the futures' expiration date from closing the futures put atthe intrinsic value and selling his 100,000 bushels of wheat on the spot market at possible spot prices of \(\$3.60 / \mathrm{bu}\)., \(\$3.8 \mathrm{o} / \mathrm{bu}\)., \(\$4.00 / \mathrm{bu}\)., \(\$4.20 / \mathrm{bu}\). , \(\$4.4 \mathrm{o} / \mathrm{bu}\)., \(\$4.6 \mathrm{o} / \mathrm{bu}\)., \(\$4.8 \mathrm{o} / \mathrm{bu}\)., and \(\$5.00 / \mathrm{bu}\).