An elevator operator typically purchases huge amounts of grain from farmers. Date Spot Price /Bu March Futures Price September 1 $2.10 $2.34 October 1 $2.05 $2.20 November 1 $2.20 $2.38 It costs the elevator $0.05/Bu/month to store the grain. An elevator purchases grain from a farmer on September 1 at 3 cents under the spot and immediately sells it for 1 cent over the spot price. What is the elevator's hedging position? 0 the elevator has no need to hedge long hedges from 9/1 to 11/1 long hedges from 9/1 to 10/1 short hedges from 9/1 to 10/1 short hedges from 9/1 to 11/1 not support either the theory or normai