I want you to complete the following questions:

If you were to book a basis contract today and deliver today, what would the elevator pay you per bushel?

How much would the elevator pay you today for the entire contract?

If the futures price increased $$0\mathrm{.}30$ one week after you locked in the basis, how much money would you have made vs locking in at the original price?

Corn Future Price: $5$:$50$

Basis: $$0\mathrm{.}70$ over

Contract size: $10,000$ BU