Clearly identify the following as hedging or speculations and give reasons to support your answer Cocobod sells 600,000 tons of cocoa one year forward at $3,500 per ton. Average cocoa production is about 600,000 tons. Cocobod sells 1 million tons of cocoa one year forward. Average cocoa production is about 600,000 tons Akologo Investment Co, a hedge fund, sells 1 million tons of cocoa one year forward at $3,500 per ton. The research team at the Akologo believes cocoa prices will drop 20% next year.