On February 1 (time 1), the spot price of No. 1 wheat is 6540($6.5400) per bushel and the July futures price (which calls for the delivery of No. 2 wheat) is 653-0 ($6.5300) a bushel. On Feb 1, a farmer that produces No. 1 wheat enters into a short hedge using the wheat futures contract. On June 1 (time 2), the farmer sells the No. 1 wheat to the spot market for 6750 (\$6.7500) and closes the futures position at 674-4 (\$6.7450). Also, on June 1 , the spot price for No. 2 wheat is 6740($6.7400). a) What is the total basis at the time of sale? b) Calculate the farmer's net proceeds per bushel from the sale of No. 1 wheat. c) Calculate the two components of the total basis at time 2(b2). d) Now assume a miller (who buys and processes wheat) enters into a long hedge using the wheat futures contract on Feb 1. On June 1 , the miller closes the futures position and buys No. 1 wheat on the spot market. Calculate the millers net cost for No. 1 wheat on June 1