Nov 20: A farmer expects to harvest wheat in June. The July futures price is $4.68 per bushel and the expected basis in late June is -$0.50. Put options for July wheat are trading at 25c/bu for the $4.60 strike price, 37c/bu for the $4.80 strike price, and 44c/bu for the $4.90 strike price. The farmer is considering the following marketing strategies: 1) cash market only, 2) hedge using futures, 3) hedge using $4.60 options, 4) hedge using $4.80 options, and 5) hedge using $4.90 options. For each scenario below, find the net realized price.