October 15th: A cow-calf producer plans to sell feeder cattle in mid-December; currently, January feeder cattle futures are trading at $201.775/cwt. The expected basis is $1.725/cwt over. Does the hedger have a long or short cash position? Does the hedger have a long or short futures position? To hedge: The hedger will $201.775/cwt. December 17th. The hedger must $228.350/cwt. To offset their future position, they must at $227.025/cwt. (long/short) What is the realized price for the hedger? (long/short) (buy/sell) calves locally in the cash market at (buy/sell) January feeder cattle futures at (buy/sell) January futures