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3. It is now July 15 2017. The price of the July contract in Chicago is $5.50. The price offered by your local flour mill

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3. It is now July 15 2017. The price of the July contract in Chicago is $5.50. The price offered by your local flour mill is $5.70. Your actual production is 5,500 bushels. You are ready to harvest and sell your wheat. Please explain exactly what you will do? Assuming a commission of 1 cent per bushel calculate how your hedge worked out? Please explain the result and show your work

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