I plan to buy corn in the cash market in November and store it to sell in June. The November 1st cash price is $3.40. The June 1st cash price ends up being $3.50. All the prices are per Bushel. The July futures is selling for $3.80 on November 1st, while its price on June 1st is $3.60.

What would the return be if only the cash market is used?

What would the return be if a carrying-charge hedge were used?

What are the beginning and ending bases?

Did the basis widen or narrow and by how much?