Hello I have an agriculture economics question and cannot seem to figure out the answer? I have provided an image below of the question

D To answer questions 1 through 4, please refer to the following scenario: 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. D Question 1 1 pts 1. What was the basis when John put on his hedge? (Hint: the formula for the basis is cash price minus futures price). O board O $.35 over July futures tual Labs O $.75 under September futures over $.35 under September futures teWave O $.90 over July futures