In May, Farmer Jones is looking at futures prices and considering using a hedge to lock in a price on part of his corn crop. He sees that the December futures contract is trading at $$7\mathrm{.}40/$bushel$.$ His ability to determine the net price he will receive if he places a hedge depends on

Group of answer choices

his ability to correctly predict the cash price that will exist when he lifts the hedge

his ability to correctly predict the basis that will exist when he lifts the hedge

his ability to correctly predict the futures price that will exist when he lifts the hedge

his ability to correctly predict the basis that exists now