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an investor hedges a long position in 50,000 pounds of concentrated orange juice in june by shorting november orange juice futures contracts. the current spot

an investor hedges a long position in 50,000 pounds of concentrated orange juice in june by shorting november orange juice futures contracts. the current spot orange juice price is $1.0891 per pound and the current november futures contract price is $1.3655 per pound. what is the investor's initial basis in cents (dollars x 100)

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