Q10. Suppose that you have fully hedged your cattle on feed by trading December 2017 CME live cattle futures contract. You placed hedge on 02 June 2020 by trading (selling or purchasing) NFC = Q_c/Q_fcnumber of December futures contract (fill the blank spaces in the following table). You lifted hedge on 28 October 2020 by trading (selling or purchasing) the same number of December futures contract (fill the blank spaces in the following table). The cash and futures prices during the time of placing and lifting hedge are listed in the following table. By filling the blank spaces in the table, show the hedging strategy and calculate the revenue from selling the live animals in the local cash market, gain/loss from the futures position, total revenue, and net realized price per pound of live animal. (10 points)

Date/Action	Cash Market	Futures Market
June 02, 2020 Action	CP = 106.10 cents/lb.	FP = 114.20 cents/lb.
		_______ _____ Dec. 16 CME LC contracts @ ________ cents/lb.
Oct 28, 2020 Action	CP = 110.90 cents/lb.	FP = 116.40 cents/lb.
	________ 1,000 cattle (1,200,000 lb.) @ ________	_______ _____ Oct. 16 CME LC contracts @ ________ cents/lb.
		Gain / Loss =
Return from Cash Market		=
Return from Futures Market		=
Net Return from Cash and Futures Markets		=
Net realized price of live cattle (cents/lb.)		=

Q11. What would have happened if you hedged using the nave hedge ratio (HR^N) and nave number of futures contract (NFC^N)? Using the following table, calculate the revenue from selling the live animals in the local cash market, gain/loss from the futures position, total revenue, and net realized price per pound of live animal. Compare the results with the answers to the previous question. (10 points)

Date/Action	Cash Market	Futures Market
June 02, 2020 Action	CP = 106.10 cents/lb.	FP = 114.20 cents/lb.
		_______ _____ Dec. 16 CME LC contracts @ ________ cents/lb.
Oct 28, 2020 Action	CP = 110.90 cents/lb.	FP = 116.40 cents/lb.
	________ 1,000 cattle (1,200,000 lb.) @ ________	_______ _____ Oct. 16 CME LC contracts @ ________ cents/lb.
		Gain / Loss =
Return from Cash Market		=
Return from Futures Market		=
Net Return from Cash and Futures Markets		=
Net realized price of live cattle (cents/lb.)		=

Q12. What would have happened if you hedged using the econometric (optimal) hedge ratio (HR^*) and optimal number of futures contract (NFC^*)? Using the following table, calculate the revenue from selling the live animals in the local cash market, gain/loss from the futures position, total revenue, and net realized price per pound of live animal. Compare the results with the answers to questions 10 and 11. (10 points)

Date/Action	Cash Market	Futures Market
June 02, 2020 Action	CP = 106.10 cents/lb.	FP = 114.20 cents/lb.
		_______ _____ Dec. 16 CME LC contracts @ ________ cents/lb.
Oct 28, 2020 Action	CP = 110.90 cents/lb.	FP = 116.40 cents/lb.
	________ 1,000 cattle (1,200,000 lb.) @ ________	_______ _____ Oct. 16 CME LC contracts @ ________ cents/lb.
		Gain / Loss =
Return from Cash Market		=
Return from Futures Market		=
Net Return from Cash and Futures Markets		=
Net realized price of live cattle (cents/lb.)		=

I have number 10 answered, I am just not sure where to go on the other two.