Hello I have an agriculture economics question and cannot seem to figure out the answer? I have provided an image below of the question Part of the Question: John is a California wheat grower who is planning to produce 50,000 bushels of hard red winter wheat. On September 1, John can forward contract his wheat for June delivery at $215 per ton ($6.45 per bushel). He decides instead to wait and hedge all of his wheat in the Chicago July wheat futures at $6.10 per bushel. By June 15, John has delivered all of his wheat to the local elevator. He sells his wheat at the spot price of $240 per ton ($7.20 per bushel) and lifts his hedge at $6.40

Question 2 2. What was the basis when John lifted his hedge? O $.60 under July futures $.35 over July futures O $.80 over July futures O $.45 over July futures