3. A Kansas wheat farm plants winter wheat in the late summer and harvests the next calendar year in late spring. The farmer normally plants 1200 acres and her average yield over the last couple of years has been 30 bushels per acre. The local cash price of wheat for hard red winter wheat id $4.80 per bushels. She harvests her crops in June and has a total crop of 36,000 bushels. Excited about the production and the increase of cash wheat price, she decides to sell it locally at $5.20. When she planted, she also hedged by selling seven Kansas City July futures contracts at a price of $5.30 per bushel. When she sold her cash crop in June, she brought back her futures contracts at $5.60. a. Show the results in the futures and cash markets (9 points) b. Compute the Net Hedged Selling Price (NHSP). 3. A Kansas wheat farm plants winter wheat in the late summer and harvests the next calendar year in late spring. The farmer normally plants 1200 acres and her average yield over the last couple of years has been 30 bushels per acre. The local cash price of wheat for hard red winter wheat id $4.80 per bushels. She harvests her crops in June and has a total crop of 36,000 bushels. Excited about the production and the increase of cash wheat price, she decides to sell it locally at $5.20. When she planted, she also hedged by selling seven Kansas City July futures contracts at a price of $5.30 per bushel. When she sold her cash crop in June, she brought back her futures contracts at $5.60. a. Show the results in the futures and cash markets (9 points) b. Compute the Net Hedged Selling Price (NHSP)