On January 5, a food processing company bought June Soybean futures contracts to hedge against an adverse price movement in the price of soybeans. On this date the spot price of soybeans was $12.70 per bushel and the June futures was priced at $12.25. Subsequently, on May 8 the food processor bought soybeans for $10.45 per bushel in the spot market and at the same time closed out the June futures position at $10.40 per bushel. What was the total price per bushel of soybean paid by the food processor?

Group of answer choices

$12.25

$10.85

$11.25

$12.30