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Q7. Suppose that a cattle feeder placed 400 feeder cattle on 03 Jan 2023 and planned to sell the fed eartle on 02 May 2023. The expected fed cattic weight is 1200lbs. per animal. On 03 Jan 2023, the cash price of fed cattle was 140.25 cents/b, and the price of Aug 2023 CME Live Cante futures was 147.25. cents/b. A put option on Aug 2022 CME Live Cartle with SP = 150 cents/b. was trading at 6.50 cents/1b. 03 Jan 2022 The cattle feeder was worried that the cash price of fed cartle might fall in May and hedged using Put options on Aug 2022 CME Live Cattle futures. The feeder placed the hedge on 03 Jan 2023 and lifted the hedge on 02 May 2023 while selling the fed animals in the cash market at the same time. As reported, the cash price of live canle and the Aug 2023 CME Live Cartle funures on 02 May 2023 were 140.00 cents/lb, and 137.00 cents/lb, respectively. A put option on Aug 2023 CME Live Cattle with SP = 150 cents/lb. was trading at 10.50 cents/b, on 02 May 2023 Consider two short hedging strategies - (1) full hedging with a Put option (with SP a 150 cent/b.) on Aug 2022 CME Live Cattle futures; and (2) delta hedging with the same Put option (with SP = 150 ecnt/b.) on Aug 2022 CME Live Cattle futures. A. If the cattle feeder hedged her full cash position, how many put option contracts did she use? The size of fed cattle futures is 40,000lbs. (4 Points) Answer:NFCy=040,000(400(200)+40,000490,000=12 B. Using the following table, calculate the eattle fecder's net realized price per pound of fed eattle from full hedging. Use the Jan 03 and May 02 cash prices, futures prices, and option premiums as listed above. Fill the gaps, calculate cash revenue, gain/loss from hedging, and net realized price. (8 Points)