It is January 15. A soybean producer is looking to protect itself against a decrease in the price of soybeans. The company expects to sell 75,000 bushels of soybean on April 15. Suppose a put option contract on soybean futures with a strike price of $11.60 per bushel has a premium of 55 cents per bushel. The March futures price of soybean for delivery in March is currently $12.06 per bushel, the basis is $2.20 per bushel under. One futures contract is 5,000 bushels of soybean. If the optimal futures hedge ratio, h, is 0.34 and the delta of the put option is -1.00, how many option contracts does the company need if it decides to hedge with options? (Round your answer to the nearest whole number). It is January 15. A soybean producer is looking to protect itself against a decrease in the price of soybeans. The company expects to sell 75,000 bushels of soybean on April 15. Suppose a put option contract on soybean futures with a strike price of $11.60 per bushel has a premium of 55 cents per bushel. The March futures price of soybean for delivery in March is currently $12.06 per bushel, the basis is $2.20 per bushel under. One futures contract is 5,000 bushels of soybean. If the optimal futures hedge ratio, h, is 0.34 and the delta of the put option is -1.00, how many option contracts does the company need if it decides to hedge with options? (Round your answer to the nearest whole number)