Assume you are the Financial Risk Manager for Kelloggs (US). Kelloggs expects to buy 15,000 bushels of corn by December 2023. Given the current global environment, you are concerned that Kelloggs will be affected adversely and wish to reduce to the risk that your company is exposed to. Based on this scenario, please answer the following questions: (a) Please explain the main financial risk faced by Kelloggs, why you consider this as a risk and critically analyse whether you would consider hedging. Please discuss in your answer the outlook for the underlying variable and cite evidence of an adverse or favourable direction. NB: reference list will not be included in the word count. (300 words) (b) If hedging is recommended, explain the hedging strategy you will use and discuss why you have chosen this strategy above all others. (300 words) (c) Irrespective of your answer to part (b), assume you are using a futures strategy to hedge your risk. Open the futures position in in the CME trading simulator and calculate the gain or loss of the total position. Please provide the following information: Required: Part I What is your chosen futures strategy? The reason for choosing the given futures position: (Max 150 words):