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Farmer Smith plans to sell 60,000 bushels of soybeans in August. The spot price of soybeans is currently $9.53/bushel. Soybean futures are defined as 5,000bu,

Farmer Smith plans to sell 60,000 bushels of soybeans in August. The spot price of soybeans is currently $9.53/bushel. Soybean futures are defined as 5,000bu, $0.01/bu. September soybeans are quoted at 974. How many future contracts will it take to fully hedge his position? (whole number, (+) long, (-) short)

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