You plan to buy corn in the cash market in November and store it to sell in June. The November 1 cash price is $3.88 (all prices are per bushel) the June 1 cash turns out to be $4.00. The July futures is selling for $4.25 on November 1, while its price cn June 1st is $4.30. Please show your calculations for the next four questions. 21. What would the return be if only the cash market is used? 22. What would the return be if a carrying-charge hedge were used? 23. What are the beginning and ending bases? 24. Did the basis widen or narrow? By how much? 25. Name two problems with using futures to hedge