On January 1, Mr. Brown bought feeder cattle at $67cwt and placed on feed. Cash price for live cattle was $61/cwt. Mr. Brown hedged his cash position by selling June live cattle contract at $66/cwt. On May 15, Mr. Brown sold fed cattle in the cash market for $56.5/cwt and offset his short position by buying June live cattle contract at $61/cwt. What is the net hedged selling price?

a. $62.0/cwt

b. $62.5/cwt

c. $63.0/cwt

d. $61.5/cwt

e. None of the above