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George Q. Farmer grows soybeans. He estimates his October harvest at 55,000 bushels. The spot price of soybeans is currently $9.23/bushel. Soybean futures are defined

George Q. Farmer grows soybeans. He estimates his October harvest at 55,000 bushels. The spot price of soybeans is currently $9.23/bushel. Soybean futures are defined as 5,000bu, $0.01/bu. November soybeans are quoted at 922. To fully hedge his position George should

Buy / Sell ?

How many contracts?

The basis is $ ?

A textbook Hedge will lock in an effective price of $ ?

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