October 15th: a producer plans to sell wheat in early july; currently, july wheat futures are trafing at $5.76. the expected basis is $0.65 under.

October 15 th: A producer plans to sell wheat in early July; currently, July wheat futures are trading at $5.76. The expected basis is $0.65 under. - Does the producer have a long or short cash position? - Does the producer have a long or short futures position? - To hedge: The producer will (buy/sell) July wheat futures at $5.76/bu. - What is the expected cash price