1. Type of hedge? ___________

(answers in $/bushel only)

Cash	Futures	Basis?
Sept 1 Owns 5,000 bushels of soybeans with a price objective of $10.60 per bushel	Sept 1 Sells 5,000 bushels of January soybeans at $11.30 per bushel
Nov 1 Sells 5,000 bushels of soybeans at $9.40 per bushel	Nov 1 Buys 5,000 bushels of January soybeans at $10.00 per bushel
Gain ________? Loss ________?	Gain ________? Loss ________?
NET HEDGING: Gain_______ ? Loss__________ ? NET HEDGE SELLING PRICE_________