(All students) A grain merchant buys 10,000 bushels of wheat on 15th October for a price of $12.50 per bushel. He hedges them by selling that day a 15th January wheat futures contract at a price $12.90 per bushel. On 15th December, the merchant sells the total number of bushels of wheat in the physical market for $12.40 per bushel and that day he buys a 15th January futures contract at $12.50 per bushel. Prepare the Hedging Table for the grain merchant including the basis, the net gain or loss in the spot and futures markets, and the net hedged selling price.