An agribusiness firm is faced with price risk in a contract to deliver a shipment of corn gluten feed for which there is not futures contract. The management team decides to cross hedge their price risk using soybean meal futures.

The standard deviation of corn gluten feed spot price changes is $1\mathrm{.}5.$ The standard deviation of soybean meal futures price changes is $1\mathrm{.}2.$ The correlation between the two is $0\mathrm{.}98.$

Based on this information, what is the implied minimum variance hedge ratio.

$($Report your answer rounded to three decimal places.$)$

Answer: