I am the head coffee buyer for Starbucks. I need coffee in December of 2024. The December 2024 Coffee Futures Contract is trading at 200 cents per pound today. I call my coffee exporter in Panama. They agree to sell me one lot of coffee at "Dec -3" for delivery in December of 2024. Fast forward to late December 2024, before the expiration of the December coffee futures contract. The exporter and I see that the December contract is now trading at 300. We agree to settle/close out our deal based on this new contract price of 300 cents per pound, minus the discount we agreed to. I realize that I should close out my position (reverse my hedge) with the coffee futures exchange. However, I completely forget to reverse my hedge with the exchange and the December 2024 futures contract expires! What obligations do I have to whom? A. I owe the exporter $112,500 for the coffee they will export to me (sell to me). I also owe the Coffee Exchange $75,000 for the 1 lot of coffee that I am now obligated to take delivery of from them as a result of allowing the contract to expire. B