Santiago grows cotton, which he sells on the market. He estimates his crop this year at 200,000 pounds. Futures contracts on cotton are priced at 60.54 cents per pound with a contract size of 50,000 pounds. Santiago wants to hedge against price risk. Santiago should _ 4 contracts at a total contract value of:

a) Buy; $12,108

b) Sell; $12,108

c) Buy; $121,080

d) Sell; $121,080

e) Sell; $30,270