A barley farmer fearing of falling barley prices can use wheat futures to hedge. The two grains have a 0.7 correlation. Barley price changes have a standard deviation of 0.3 and wheat price changes have a standard deviation of 0.2.

Barely harvest is expected in August. The farmer should use the__________?(March/June/September/December) wheat contract.

The sensitivity (beta) of barely price changes to wheat price movements is_______ ?(round to two decimals).

In August, the farmer received $213,500 for his barley harvest. The basis has narrowed from $23,000 at the time the hedge was initiated to $14,000 by the time the hedge was closed in August. The effective amount received by the farmer was __________ ?