Farmer George is growing cotton. He is concerned about the price of cotton declining between now (July) and harvest. He decides to hedge using a futures contract. on July 7, George contract to sell cotton using a December (Dec) futures contract at 74 cents per lb. November 1, the Dec futures has declined to 68 cents. The base is 2 cents over. George sells cotton and enters into a Dec futures contract to buy cotton. Use the worksheet below and follow the examples presented in class to show the cash sale of cotton on November 1, the gain or loss on the futures, and the total money received. Below are the US monthly average prices for peanuts for the 2014 and 2015 crop years Following the example shown in class, calculate the monthly seasonal price index for each crop year and the average monthly index for the 2 years