General Directions for Questions $1-4$ GRAIN HEDGE POSITION REPORT

LONG POSITION

Unpriced Grain

Net Company Owned Stocks $,450000$

Unreceived Grain Bought & Priced

Long Futures

TOTAL LONG

TOTAL LONG

$865000$

Example Answer Entry:

The net basis position of grain in the bin is Long $-$the$-$basis $450,000$ bushels.

Question $1$:

The net basis position for the January$/$February delivery contracts is

$-$the$-$basis

Short Futures

Undelivered Grain Sold & Priced

Short Futures

TOTAL SHORT

$865000$

NET POSITION GRAIN HEDGE POSITION REPORT

Question $2$:

The net basis position of grain in the bin is

$-$the$-$basis

bushels.

The net basis position for the Dec$/$Jan$/$Feb delivery contracts is

$-$the$-$basis

bushels.

The net basis position for the June $($new crop$)$ delivery contracts is

$-$the$-$basis

bushels. GRAIN HEDGE POSITION REPORT

LONG POSITION

Unpriced Grain

Net Company Owned Stocks $,438000$

Unreceived Grain Bought & Priced

Long Futures

TOTAL LONG

SHORT POSITION

Undelivered Grain Sold & Priced

Short Futures

TOTAL SHORT

Question $3$:

The net basis position of bushels in the bin plus the January delivery contracts is

The net basis position for the March$/$April delivery contracts is

$-$the$-$basis

bushels.

The net basis position for the May$/$June delivery contracts is

$-$the$-$basis

bushels.

The net basis position for the October $($new crop$)$ delivery contracts is

$-$the$-$basis

bushels.Question $4$:

Review the following Grain Hedge Position Report to determine the status of the basis positions.

GRAIN HEDGE POSITION REPORT

CROP: SOYBEANS

DATE: December $28$

Question $4$:

The net basis position of bushels in the bin plus the nearby $($Dec$/$Jan$)$ delivery contracts is

$In$ the following Questions $(1-4)$ you are given a balanced $GHPR.$ Your task $isto$ determine the status $of$ the basis position for each delivery period.

The $GHPRis$ set $up$ with the old crop delivery periods listed first followed $by$ the new crop delivery periods. Data pertaining $to$ new crop activity $(cash$ and futures$)is$ also indicated $in$ red and noted with $a(2).$

Each question requires two fill$-in-$the$-$blank answers. $To$ insure accurate grading please enter answers $in$ the following format:

Enter either Long $or$ Short $in$ the blank for the basis position. $(example$: long$)$

Enter whole numbers including zeros for the amount. $(example$: $100,000)$