Suppose on March 1, 2021 you long 2.5 million bushels of corn decided to hedge using June futures. On that day you observed the following futures contract prices on March 1, 2021:

Given that on May 12, 2021, you decided to leave your positions till delivery day. On this day, you observed the following futures quotes: CORN Futures Contract (one contract = 5000 bushels; price = cents per bushel) Spot price 240 % September futures price 2384 December futures price 236 % Calculate the profit from the hedge and show how the profit is explained by movements in the basis alone