1. Type of Hedge? _______________

(provide answers in $/bushel only)

Cash	Futures	Basis?
March 1 Owns 5,000 bushels of corn with a price objective of $ 4,00 per bushel	March 1 Sells 5,000 bushels of September corn at $ 4.70 per bushel
August 1 Sells 5,000 bushels of corn at $ 3.50 per bushel	August 1 Buys 5,000 bushels of September corn at $ 3.90 per bushel
Gain ________? Loss ________?	Gain ________? Loss ________?
NET HEDGING: Gain_______ ? Loss__________ ? NET HEDGE SELLING PRICE_____

2. Type of Hedge?__________

(Answers in $/gallon only)

Cash	Futures	Basis?
Sept 1 Sells 29,000 gallons of ethanol for April delivery at $ 2.70 per gallon	Sept 1 Buys 29,000 gallons of July ethanol at $ 3.20 per gallon
April 1 Buys 29,000 gallons of ethanol for April delivery at $ 2.90 per gallon	April 1 Sells 29,000 gallons of July ethanol at $ 3.40 per gallon
Gain ________? Loss ________?	Gain ________? Loss ________?
NET HEDGING: Gain_______ ? Loss__________ ? NET HEDGE BUYING PRICE__________