Churchill Downs expects to purchase 44,444 bushels of oats in April.In October, when the spot price of oats was $1.59 /bushel, the feed manager hedged 90% of his expected purchase with May futures at 165.

Oats contracts are defined as 5000 bushels/c and trade in cents/bushel.

In April Churchill Downs needs 48,000 bushels of oats to feed all the horses in residence. The spot price of oats is now $2.05 /bushel and the basis is now -0.0300

The profit (loss) on the futures position is $___?___

The revenue (expenditure) on the spot market is $___?___

The net revenue (expenditure) is $___?___

The effective price per bushel is $___?___