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Hason Feedlot Ltd. used the commodity futures market to hedge an anticipated mid- October, 200-tonne barley purchase. On April 15, November barley futures were

Hason Feedlot Ltd. used the commodity futures market to hedge an anticipated mid- October, 200-tonne barley purchase. On April 15, November barley futures were trading at $247 per tonne. The hedge was placed on April 15. The feedlot anticipated a $15 basis under at the time of the mid-October cash purchase. October 15, 2019 The cash grain was purchased. November barley futures were trading at $215 per tonne. The cash price was $183.72 per tonne. The FCM fee was $1 per tonne. Show the futures and cash transactions. Calculated the net purchase price for the hedged barley. Also calculate the total amount received from this transaction.

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