Q8. On OCT 1, 2020 a farmer had a contract to sell 50,000 bushels of wheat on JAN 15, 2021; the spot market price was $3.25/bushel. On OCT 1, 2020 the future price was: $4.00/bushel for MAR 2021 delivery. Carry all your calculation in price per bushel. 8.1 Use a time table to show the hedge that the farmer opened on OCT 1, 2020. 8.2 on JAN 15, 2021 the farmer traded the 50,000 bushels in the spot market for $2.95/bushel and closed the hedge; the futures price for MAR 2021 delivery was $3.00/bushel. Use the same time table to show the markets activities on JAN 15, 2021 and calculate the price/bushel received by the farmer.