An elevator operator typically purchases huge amounts of grain from farmers. Assume the following prices. 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. He has no immediate buyer, so he puts it into storage and hedges. On November 1 he has a buyer at one cent over the spot price. He thus sells his grain at that price and immediately liquidates his hedge. What is the elevator's hedging position? O the elevator long hedges from September 1 to November 1 O the elevator short hedges from September 1 to November 1 there is no need for the elevator to hedge o the elevator short hedges from September 1 to October 1