You are a cattle feeder concerned about rising corn (and feed) costs. The March contract is trading at $4.29/bu. During the months of January and February, you expect to be able to buy corn at a basis of -$0.28/bu., or 28 cents under the March contract. You buy the March contract to lock in a price for corn.

What price do you expect to pay for corn in January and February?

When the time comes to unwind your hedge (buy corn in the cash market and sell futures contracts), the following prices prevail: $4.33 March futures and $4.20 cash price. What price did you actually pay for corn?