On October 25, 2022, the wheat futures contract traded on the CME Group with a delivery month in December 2022, has a futures price of 833 cents per bushel.

On the same date, the open futures position of long and short hedgers in the contract is 17,495 and 21,504 contracts, respectively.

According to Keynes' and Hicks' theory of the relationship between the futures and expected future spot price, which of the following is correct?

a.

On October 25, 2022, the expected future spot price of wheat in December 2022 should be higher than $8.33 per bushel.

b.

On October 25, 2022, the expected future spot price of wheat in December 2022 should be lower than $8.33 bushel.

c.

On October 25, 2022, the expected future spot price of wheat in December 2022 should be equal to $8.33 per bushel.

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