Joe, a coffee importer, needs $3$ lots coffee in July of $2024.$ He needs this coffee in order to operate his business. The July $2024$ coffee futures contract is trading for $135$ today. Joe calls a coffee exporter who he knows and has done business with for years. The exporter agrees to sell $3$ lots of coffee to Joe for July $2024$ delivery at "July $-6"($July minus $6).$

Joe is convinced the market price for coffee will decline between now and July $2024.$ He decides not to hedge his position through the coffee futures exchange $($he decides not to purchase $3$ July $2024$ coffee futures contracts at $135,$ as an initial first step in this hedging process$).$ Joe is hoping he can wait for the market price to drop, and then buy the coffee he needs at a lower price in March $2024.$

For purposes of this exam question, let's assume that we fast forward in time to July $2024$ where the new price of the July $2024$ futures contract is now $240.$ Because the July $2024$ futures contract will expire soon, Joe and the exporter agree to settle their price based on the new contract value of $240,$ while honoring the $6$ cent discount under the $240$ price.

Based on Joe's overall final position $($as a combination of the futures contract trade and what he paid the exporter$),$ how much money could Joe have saved had he hedged his position through the coffee exchange as opposed to rolling the dice in hope that the value of the July $2024$ will decrease?

A$.$

$$1,181,125.$

B$.$

$$118,125.$

C$.$

$$270,000.$

D$.$

$$151,875.$