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For each of the following of the situations, explain whether the individual is most likely using futures as a hedging tool or for speculative purposes:

For each of the following of the situations, explain whether the individual is most likely using futures as a hedging tool or for speculative purposes:

a) A gasoline refinery purchases oil futures.

b) A Ford factory worker purchases wheat futures.

c) The CEO of an orange juice company purchases oil futures.

d) An orange farmer sells orange futures.

e) A wheat farmer purchases orange futures.

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