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 Mareh 1, 2023 if he hedges the corn on December 1 , 2022 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 December 1 , 2022 and March 1,2023 is $0.15 bu. What would his net purchase price (cost) for the com be if: a. He bought the physical corn on 12/1/22 in the cash market when the local cash price was $6.75/bu ? b. He hedged (long position) the corn on 12/1/22 and then offsets the contract on 03/01/23 when local cash price is $6.90/bu, and the March Corn futures price is $6.80 bu.? .0. He waited to purchase the corn on 03/01/22 when the basis was $0.10 over per bushel and the futures price was $6.75/ bu