What price would a feedlot operator located near Ogden, Utah plan to spend on corn he will

be buying in the local cash market on March $1,2024$ if he hedges the corn on December $1,$

$2023$ and the expected basis for March $1$ is $$0\mathrm{.}12$ over per bushel?

Assume the same buyer as in question $1$ and that storage cost for com between December $1,$

$2023$ and March $1,2024$ is $$0\mathrm{.}15/$bu$.$ What would his net purchase price $($cost$)$ for the corn be

if:

a$.$ He bought the physical corn on $\frac{12}{1}\frac{?}{23}$ in the cash market when the local cash price was

$$\frac{5\mathrm{.}18}{?}$ bu$.?$

b$.$ He hedged $($long position$)$ the corn on $\frac{8}{3}\frac{?}{23}$ and then offsets the contract on $03/01/24$

when local cash price is $$\frac{5\mathrm{.}33}{b}u.$ and the March Corn futures price is $$\frac{5\mathrm{.}23}{b}u.?$

c$.$ He waited to purchase the corn on $\frac{03}{01}\frac{?}{23}$ when the basis was $$0\mathrm{.}10$ over per bushel and

the futures price was $$\frac{5\mathrm{.}18}{b}u.?-$