Which column (1-5) in the following table best describes the position of a short hedger who uses a futures contract to hedge an exposure in the underlying physical commodity?

	1	2	3	4	5
If prices later __?__	fall	fall	rise	rise	rise
the short hedger will realise a __?__ in the spot market	loss	loss	loss	gain	loss
and the short hedger will realise a __?__ in the futures market	loss	gain	gain	gain	loss

	A.	column 1.
	B.	column 5.
	C.	column 4.
	D.	column 2.
	E.	column 3.