a. Suppose it is start of January 202X. A cocoa farmer would be looking to sell 45,000 tonnes of cocoa in early March. Consider the following contracts and quotes: SOFTS I COCOA LIFFE (10 tonnes: /tonne) Sett Day's Vol Oint price change High Low 000 000s Mar 1808 -28 1855 1802 5.89 72.86 May 1764 -24 1805 1757 1.56 38.61 1751 -18 1780 1748 0.24 30.99 Sep 1735 -13 1755 1733 1.02 11.42 Dec 1681 -13 1705 1679 0.66 14.31 Mar 1649 -20 1677 1649 0.68 1.40 Total 10.1 169.6 Jul Required (show all step-by-step calculations for each part): i. How could this farmer hedge the sale of cocoa in early March? How many contracts should he use? What total contract price would he be locking in for March contract? ii. Suppose spot cocoa price is 1,764 per tonne (and per contract) in early March. What is the profit or loss on the farmer's futures position