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Suppose that you are a wheat farmer. Answer the following questions. It is August, and you intend to have 60,000 bushels of wheat harvested and

Suppose that you are a wheat farmer. Answer the following questions. It is August, and you intend to have 60,000 bushels of wheat harvested and ready to sell in November. The current spot market price of wheat is $2.33 per bushel, and the current December futures price of wheat is $2.58 per bushel. If each wheat futures contract is for 5,000 bushels, how many contracts will you buy or sell? You will (buy/sell) ___ contracts. The total value of these futures contracts is $_____.

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