KCB, Corp. wants to set up a hedge on its expected November sale of 75,000 bushels of soybeans using the November soybean futures contract. The current spot price for soybeans is 1147 and the current November soybean futures price is 1183. At delivery in November the soybean spot price is 1166. The farmer sells the soybeans in the spot market and closes the soybeans futures position. What is the effective price per bushel the farmer receives for the soybeans?

Soybeans: price quote (e.g., 1184) is cents/bushel; contract size 5,000 bushels; margin is $4,725/contract

(Assume all bonds pay semi-annual coupons unless otherwise instructed. Assume all bonds have par values per contract of $1,000.)