Q11. What would have happened if you hedged using the nave hedge ratio (HRN) and nave number of futures contract (NFCN)? 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.)		=