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It is now November, and you sell 60,000 bushels of wheat at the spot price of $ 2.43 per bushel. If the December futures price

It is now November, and you sell 60,000 bushels of wheat at the spot price of $ 2.43 per bushel. If the December futures price is $2.68 and you settle your position in the futures market (note that you are settling your position before the settlement date on the contract, which is December), what was your gain or loss in your futures market position? Did you completely hedge your risk from price fluctuations in the wheat market? Explain.

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