7. When November 1st rolls around, you offset your futures position for soybeans. The November futures contract price is now $9.2550/bu. Also on November 1st, you sell the soybeans that you have harvested on the cash market at the same price of $9.255/bu.

a. What is your per bushel profit or loss in the futures market? (4 pts.)

b. What is your total profit/loss in the futures market? (4 pts.)

c. Accounting for profit/loss in the futures market, what is the effective price per bushel, also called the net price per bushel, you receive for your soybeans. (8 pts.) Show the math.