Question $11$

$6pts$

The standard deviation of corn spot prices is $0\mathrm{.}89,$ and the standard deviation of the futures prices is $0\mathrm{.}57.$ The correlation between the spot and futures prices is $0\mathrm{.}91.$ A trader wants to set up a variance$-$minimizing hedge for $34,496$ bu of corn. The size of one futures contract is $5,000bu.$ How many contracts should the trader use to achieve his$/$her goal?