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Please Do not use previously posted question answers. ADM purchases 55,000 bushels of soybeans in July. In January, when the spot price of soybeans was

Please Do not use previously posted question answers.

ADM purchases 55,000 bushels of soybeans in July. In January, when the spot price of soybeans was $10.58/bushel, ADM hedged the entire planned purchase with September futures contracts at 1030. Soybean futures are defined as 5,000bu, $0.01/bu. ADM lifts the hedge in July. The spot price of soybeans is now $10.50/bushel and the basis on September futures is now $0.13. What is ADM's effective price per bushel for the transaction (rounded positive $ two places after the decimal)?

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