21. MBER, Inc. expects to purchase 12 million bushels of soybeans in November and will hedge its position with the December futures contract. Today's soybean spot price is 968 and the December soybean futures price is 977 (soybean futures prices are quoted in cents per bushel). a. What is the basis today? -9 b. If December soybean futures price is 998 in November when MBER closes out its hedge, what profit/loss will MBER make on its futures position? $2,520,000 profit c. If the December soybean futures price is 966 in November when MBER closes out its hedge, what profit/loss will MBER make on its futures position? $1,320,000 loss d. If the soybean spot price in November is 979 when MBER purchases its soybeans and closes its futures position, what is the effective price per bushel it would pay if the December futures price is 998? If it is 966? $9.58 (958): $9.90 (990) e. What is the basis in November when MBER buys its soybeans if the futures price is 998? If it is 966? -19; 13