1. What price would a feedlot operator located near Ogden, Utah plan to spend on corn he will be buying in the local cash market on March 1, 2022 if he hedges the corn on August 11, 2021 and the expected basis for March 1 is $0.12 over per bushel? 2. Assume the same buyer as in question 1 and that storage cost for corn between August 11, 2021 and March 1, 2022 is $0.15/bu. What would his net purchase price (cost) for the corn be if: a. He bought the physical corn on 8/11/21 in the cash market when the local cash price was $5.77/bu.? b. He hedged (long position) the corn on 8/11/21 and then offsets the contract on 03/01/22 when local cash price is $5.92/bu. and the March Corn futures price is $5.82/bu.? c. He waited to purchase the corn on 03/01/22 when the basis was $0.10 over per bushel and the futures price was $5.77/bu.?Here's the data: All that's given

MONTH LAST CHANGE PRIOR SETTLE OPEN HIGH LOW VOLUME UPDATED SEP 2021 555' 4 +6'2 (+1. 14% ) 549'2 548 6 558' 4 13: 19:58 CT ZCU1 548'2 157, 039 11 Aug 2021 DEC 2021 ZCZ1 558'4 +5'2 (+0. 95% ) 553 '2 652 '4 561'6 552'0 211, 985 13:19:58 CT 11 Aug 2021 MAR 2022 566'2 +5'2 (+0. 94% ) 561'0 560'0 569'0 559'6 ZCH2 24, 443 13:19:58 CT 11 Aug 2021 MAY 2022 571'0 +5'2 (+0. 93% ) 565'6 564'4 573 2 564' 4 12, 067 13: 19:58 CT ZCK2 11 Aug 2021 JUL 2022 13:19:58 CT ZCN2 571'6 +5'0 (+0. 88% ) 566'6 566'0 574'0 565'2 7, 688 11 Aug 2021 SEP 2022 529'6 529 ' 4 533'0 13:19:58 CT ZCU2 531 '4 +1'6 (+0.33% ) 528'2 3, 853 11 Aug 2021 DEC 2022 517'4 UNCH (UNCH) 517'4 516 2 518'6 514'6 6, 814 13:19:58 CT ZCZ2 11 Aug 2021 MAR 2023 524'2 +0' 4 (+0. 10% ) 523'6 525'2 521 ' 4 13:15: 18 CT ZCH3 522 2 121 11 Aug 2021