You are the feed buyer for Peces poultry operation. Assume it is July and you are planning to buy corn in November. The cash market price in July for corn delivered in November is $4.10 per bushel, but you are concerned that by the time you make the purchase, the price may be much higher. To protect yourself against a possible price increase, you buy Dec Corn futures at $4.10 per bushel. What would be the outcome if corn prices increase 60 cents per bushel by November? Table 2. Cash Market Futures Market July $4.10 Change Buy cash corn at what price? Gainless on futures hedge? Net purchase price? $4.10 $4.70 $1.60) 34.70 $0.60 $4.10