PROBLEM 2 (10 points) If the cash price is $5.10 and basis is $0.15 under, what is the nearby futures price? PROBLEM 3 (10 points) If you normally sell your soybeans for $8.15 per bushel in October, and November soybean futures on the CBOT are trading for $8.50, what is your basis given the November futures price? PROBLEM 4 (10 points) Today's cash price for corn is $2.80/bushel. You can store your corn for two months at a cost of $0.03/bushel month. What selling price do you need after two months to break even? PROBLEM 5 (10 points) Provide a full definition of a futures contract