2. On October 1st a bread producer purchases 100 bushels of wheat at a spot price of 38 per bushel. On September 1st the bread producer had hedged this planned purchase by taking a long position of four contracts in wheat futures at a futures price of 36. Each contract is for 20 bushels of wheat. On October 1st the futures price is 37.50 and the bread producer closes his futures position. What is the bread producers effective purchase price?