Now, it is November, and you have harvested and sold your $50,000$ bushels at a spot price of $$2\mathrm{.}60$ per bushel. The new December futures price is $$2\mathrm{.}85$ and you settle your futures position by offset.

What was the gain or loss on your futures position?

Did you completely hedge yourself against wheat price fluctuations? Explain how or why not?